ECONOMY

Oct 30 09:28

The Wrath of Draghi: First German Bank Hits Savers with Negative Interest Rate

Deutsche Skatbank, a division of VR-Bank Altenburger Land, which was founded in 1859, is not the biggest bank in Germany, but it’s the first bank to confirm what German savers have been dreading for a while: the wrath of Draghi.

Retail and business customers with over €500,000 on deposit as of November 1 will earn a “negative interest rate” of 0.25%. In less euphemistic terms, they have to pay0.25% per annum to the bank for the privilege of handing the bank their hard-earned money or their business cash.

“There will be no direct impact on your savings,” the ECB announced five months ago. “Only banks that deposit money in certain accounts at the ECB have to pay.” But it added ominously, “Commercial banks may of course choose to lower interest rates for savers.”

And that would be good for savers:

Webmaster's Commentary: 

To those of you in the US who say, "That CANNOT possibly happen in the US", please think again.

Have no more money in your checking account than is needed to pay your bills. Place all the rest of your money under your personal control. Think about getting small, untraceable amounts of gold and silver to add to your personal portfolio.

Inflation in the US has already catastrophically destroyed whatever you have saved; the suppression of gold and silver value will not continue forever.

Oct 30 09:00

Zombie foreclosures rise in 16 states and 60 metro areas

There were 117,298 owner-vacated foreclosures nationwide in the third quarter of 2014, representing 18% of total properties in foreclosure, down from 141,406 in the second quarter of 2014 (17% of all foreclosures) and down 152,033 (23% of foreclosures) in the same period last year, according to data released Thursday by the real estate website RealtyTrac. “Zombie” foreclosures occur when the owner leaves the property, but the bank has yet to take possession of it.

Oct 30 09:00

Widespread layoffs and other cost cutting measures cold hit Tim Hortons after Burger King takeover, study says

Widespread layoffs and strict cost cutting measures could befall Tim Hortons if Burger King’s parent company takes over the chain, says a study from the Canadian Centre for Policy Alternatives.

Oct 30 08:32

Cost of War on ISIS- 1 Billion dollars and counting, expanding, consuming, growing!

This has just gotta have the military industrial complex/banking scum rejoicing?

These are the numbers for the US. When I get a hold of some Canadian figures I will put them here too!

Bankrupting a nation- debt enslaving it's people

Oct 30 06:59

It’s Rarely About The Environment Anymore

USA - -(Ammoland.com)- Back in 1970, when I got involved in the first Earth Day and nascent environmental movement, we had real pollution problems.

But over time, new laws, regulations, attitudes and technologies cleaned up our air, water and sloppy industry practices. By contrast, today’s battles are rarely about the environment.

As Ron Arnold and I detail in our new book, “Cracking Big Green: To save the world from the save-the-Earth money machine” ( tiny.cc/eehiox ) , today’s eco-battles pit a $13.4-billion-per-year U.S. environmentalist industry against the reliable, affordable, 82% fossil fuel energy that makes our jobs, living standards, health, welfare and environmental quality possible.

Oct 30 06:46

“I don’t know what the big deal is”: three in four NJ sheriffs double-dip millions via pension loophole

Three-fourths of New Jersey’s county sheriffs are two-timing taxpayers and state pension funds.

An investigation by New Jersey Watchdog and CBS 3 Philadelphia, found that 16 of the state’s 21 sheriffs are double-dippers. They receive pensions as law enforcement retirees in addition to their six-figure public salaries.

The sheriffs’ payrolls include 33 undersheriffs who also double-dip. Overall, those 49 officials rake in $9.1 million a year from public coffers — $3.8 million in pension pay plus $5.3 million in salaries from post-retirement public jobs. (Click here for the full list.)

Oct 30 06:12

Ukrainian GDP Plunges 5.1% Amid Deadly Conflict in Nation’s East

Ukraine’s economy shrank 5.1 percent in the third quarter from a year earlier, the most in almost five years, as industrial production and the hryvnia slumped amid the bloody conflict in the country’s east.

The drop is less than the 9 percent median estimate of six economists in a Bloomberg survey. Seasonally adjusted gross domestic product fell 2.1 percent from the previous quarter, the state statistics committee said today on its website.

Oct 30 06:00

QE3 ends; Dow Futures down

Oct 30 05:47

UPDATE 1-Russia may limit transit from Belarus, Ukraine over banned food - RIA

Oct 30 (Reuters) - Russia may limit food transit from Belarus and Ukraine to Kazakhstan because of attempts by the countries to supply banned food to Russia, the head of Russia's veterinary and phytosanitary service (VPSS) was quoted as saying on Thursday.

In early August, Russia banned imports of fruit, vegetables, meat, poultry, fish, milk and dairy from the European Union and some other countries worth about $9 billion in retaliation for Western sanctions over the crisis in Ukraine.

Oct 29 18:43

From This Day Forward, We Will Watch How The Stock Market Performs Without The Fed’s Monetary Heroin

Mark this day on your calendars. The Dow is at 16974, the S&P 500 is at 1982 and the NASDAQ is at 4549. From this day forward, we will be looking to see how the stock market performs without the monetary heroin that the Federal Reserve has been providing to it.

Oct 29 17:25

Why the Financial and Political System Failed and Stability Matters

The recent spike in global political-financial volatility that was temporarily soothed by ECB covered bond buying reveals another crack in the six-year-old throw-money-at-the-banks strategies of politicians and central bankers.

Oct 29 15:16

US Federal Reserve ends QE stimulus programme

The US Federal Reserve has announced it is ending its quantitative easing (QE) stimulus programme begun in 2008.

The Fed said it was confident the US economic recovery would continue, despite a global economic slowdown.

The targets for inflation and reduction in unemployment were on track, the Fed said in a statement.

The central bank, which also said it would not raise interest rates for a "considerable time", has gradually cut back QE since last year.

Oct 29 14:59

Life under Obama sucks. And these numbers prove it

America is so over Obama. In 2008, the media and a majority of the voters were head-over-heels in love with the man who told them that “yes, we can” overcome war and recession.

The reason? Quality of life is poor. Starting at the very bottom, poverty levels point to stagnation. In January 2009 the poverty rate stood at 14.3 per cent. It rose to around 15 per cent and then fell back down in 2013 to 14.5 per cent (but the actual number of those in poverty remained the same from 2012). Things are worse for black Americans, whose poverty rate has risen in that same period from 25.8 per cent to 27.2 per cent.

Not everyone’s doing badly, of course. The richest 10 per cent are the only group – the only group! – who saw their median income rise from 2010-2013. As the Washington Times points out, that’s the same period in which Barack Robin Hood Obama won re-election painting the GOP as corporate vampires.

Oct 29 13:54

Egon von Greyerz - Economic Reset Will Be Dramatic

Egon von Greyerz, Founder of Matterhorn Asset Management, says, “You can’t have governments borrow more than ever and have interest rates at zero. You can only do that temporarily because you have governments printing money and artificially holding interest rates down. That will not last either. So, the reset will be dramatic. It won’t happen overnight, but there will be events that trigger short term pitfalls, but this is a long term thing.”

Printing money to support the stock market and the bond market will work for a while, but Greyerz warns, “The ammunition that they have will, of course, be so devalued that nobody will want it. So, any support they try to muster in the future will have no effect. This is why markets are going to be in a terrible state in the next few years. It will be all the bubbles that have been created over a very long period.”

Oct 29 13:50

Why the Feds won’t confiscate your retirement plan… but they will do this

Over the last few weeks, I’ve had close to 30 consultations with Nestmann Group clients. And one of their top concerns is that Barack Obama or some future US president will find a way to confiscate the money in their IRAs or 401(k) plans.

Oct 29 13:46

Does this look like a housing recovery to you?

We just learned that the homeownership rate in the United States has fallen to the lowest level in 19 years. But of course this is not a new trend.

Oct 29 13:45

Total War Over The Petrodollar

The conspiracy theories surrounding the death of Total SA’s chief executive, Christophe de Margerie, started the second the news broke of his death. Under mysterious circumstances in Moscow, his private jet collided with a snowplow just after midnight. De Margerie was the CEO of Total, France’s largest oil company.

He’d just attended a private meeting with Russian Prime Minister Medvedev, at a time when the West’s relationship with Russia is fraught, to say the least.

One has better odds of being struck by lightning at an airport then a snow plow, or any other ground support vehicles hitting a plane and killing all inside the plane, in my opinion. And I say that as someone who’s familiar with airports, having worked at Vancouver International Airport when I was in university; I was the one who would bring the plane into its parking bay.

Oct 29 13:33

Russia jumps record 30 places in ‘Doing Business’ ranking

Russia is now ranked 62nd in the World Bank’s new 2014 Doing Business report, which measures the ease of doing business in 189 countries worldwide. The country climbed 30 positions from 92nd spot in 2013.

Oct 29 13:14

The Fed Is Absolutely Terrified... of What?

Oct 29 12:50

Attempts being made to suppress Russia, BRICS in international arena — experts

Attempts are being made to suppress in the international arena not only Russia but the entire BRICS developing-nation assembly of Brazil, Russia, India, China and South Africa, Russian experts said on Wednesday.

“The current situation shows that there are attempts to suppress not only Russia but also the BRICS given that the global role of this association has only intensified,” Vladimir Davydov, director of the Russian Academy of Sciences' Institute of Latin America, said at a Moscow-Brasilia video conference.

Oct 29 12:00

Basil Zaharoff - A Name You Should Know

Basil Zaharoff, 1849-1936, a Director of Rothschild-owned Vickers
that produced guns and armaments in two world wars.
"The Zaharoff System" involved selling arms to both sides in a conflict
and even instigating conflicts.

Oct 29 10:38

Could Allen Stanford go free? Convicted fraudster appeals

Jailed financier R. Allen Stanford, convicted in 2012 of running a massive global Ponzi scheme that rivals the Madoff scandal, says he is the victim of an illegal prosecution, and "the clearest of assaults on the U.S. Constitution."

The comments come in Stanford's formal appeal of his conviction, filed in federal court on Wednesday. Stanford wrote the appeal himself at the prison in Florida where he is serving a 110-year sentence. Having fired the last of a string of court-appointed attorneys, and with no funds to hire a replacement, he is representing himself even though he has no legal background. He has also asked to argue his case in person before the Fifth Circuit Court of Appeals in New Orleans, a task normally handled by experienced attorneys.

Oct 29 08:06

QE Ending? Not For Long

Oct 29 07:57

Why Millennials Are Not Buying Houses Or Cars

“Since World War II, new cars and suburban houses have powered the economy and propelled recoveries. Millennials are not buying houses or cars, and may have lost interest in both.”

You mean the generation that paid three times as much for college to enter a job market with triple the unemployment isn’t interested in purchasing the assets of the generation who just blew an enormous housing bubble and kept it from popping through quantitative easing and out-and-out federal support? I’m curious as to how they have rationalized we have simply “lost interest”.

Oct 29 07:42

FB For Currency Scams? EU May Probe Bankers’ Social Media

Traders accused of currency manipulation at some of the world’s biggest banks may soon have their social media data handed over to authorities conducting the investigation.

All of the bankers’ communications will be handed over to investigators to discover if banks have been tampering with currency interbank rates on the $5.3 trillion-a-day foreign exchange market, Bloomberg reported citing unnamed source.

Oct 29 07:40

Obamacare premiums jump 78 percent for young enrollees

The Affordable Care Act was supposed to make health care more affordable, but a newly released study of insurance policies before and after Obamacare shows that average premiums have skyrocketed, for some groups by as much as 78 percent.

Average insurance premiums in the sought-after 23-year-old demographic rose most dramatically, with men in that age group seeing an average 78.2 percent price increase before factoring in government subsidies, and women having their premiums rise 44.9 percent, according to a report by HealthPocket scheduled for release Wednesday.

Oct 29 06:58

Peak Empire, Take Two

The collapse does not have to be precipitous. It could be gradual, theoretically. But the US economy is fragile: it depends on international finance to continue rolling over existing debt while taking on ever more debt. This amounts to depending on the kindness of strangers—who aren't in a particularly kind mood. To wit: numerous countries, with Russia, China, India, Brazil and South Africa leading the way, are entering into bilateral currency agreements to avoid using the US dollar and, in so doing, to avoid having to pay tribute to the US. Just like Rome, the US empire is being attacked all over the world by “barbarians,” except the modern barbarians are armed with internet servers, laptops and smartphones. And just like Rome, the empire is busy spending billions on defending its fringes while allowing everything on the home front to fall apart from malign neglect.

Oct 28 23:15

Is it Time for a New Monetary System?

Waking Times

No matter what problem we look at today, regardless of scope or gender, demographic statistic or geographic location we can provide a solution; if we throw enough money at it…

Oct 28 18:46

15 Signs That We Live During A Time Of Rampant Government Paranoia

How does it feel to live under a government that is getting even more paranoid with each passing day? Yes, we live in a world that is becoming increasingly unstable, but that is no excuse for how ultra-paranoid the federal government has become. Today, every single one of us is viewed as a “potential threat” by the government.

Oct 28 18:02

Facebook Says 4Q Will Be `More Difficult'

Oct 28 16:54

Will 3% Down Protect the Housing Market?

Oct 28 16:18

Want to pay your taxes by the gallon or by the mile?

That electric car could save you a lot of money at the pump. But when you buy less gas, you also pay less in gas taxes, which help pay for road repair...

Oct 28 16:08

Does This Look Like A Housing Recovery To You?

We just learned that the homeownership rate in the United States has fallen to the lowest level in 19 years. But of course this is not a new trend.

Oct 28 16:03

Schiff: Stocks Rise on Hope, Hype and Fantasy

Oct 28 15:55

The Many Ways the State Taxes the Poor

“There is always more misery among the lower classes than there is humanity in the higher.”
? Victor Hugo, Les Misérables

Oct 28 15:18

EU funding row sparks huge surge in UKIP support – poll

Support for Britain’s anti-EU UK Independence Party (UKIP) has reached a record high following Brussels’ recent effort to levy a mammoth £1.7 billion extra charge on Britain, a new poll reveals.

The results of The Independent’s ComRes survey, published on Tuesday, are a welcome development for Nigel Farage’s Eurosceptic party, which is aiming to secure its second seat in the House of Commons in November.

UKIP is also hopeful its first ever Police and Crime Commissioner will be elected later this week.

Oct 28 15:17

UK economy stronger than first thought after drugs and prostitution boost GDP figures

Figures show that the UK economy shrank by 6% at the height of the recession in 2008-09, lower than the previous estimate of 7.2%.

This is because the ONS's GDP calculations now include contributions to the economy from prostitution and sales of illegal drugs. In total, the new inclusions contributed £10bn to the UK in 2009 alone.

Webmaster's Commentary: 

Desperation on the cusp of madness.

Oct 28 14:18

Okay, I was wrong, The United States is not the wealthiest nation on Earth. It's 193rd!

Webmaster's Commentary: 

America has been lured into living on credit for far too long. Great for the bankers but not for the people.

Oct 28 12:45

POPULATION CONTROL MEASURES WON’T SOLVE GLOBAL SUSTAINABILITY PROBLEM

Bad news for the New World Order oligarchs: killing billions of us won’t solve the world’s sustainability problems, reports BBC News

Oct 28 09:59

Wall Street Journal: Wealth Inequality Is Your Own Dumb Fault

Yesterday the Wall Street Journal gave prominence to the following headline on page one of its newspaper with the story jumping to page A2: “Bad Market Timing Fueled Wealth Gap.” Through the use of the word “fueled” in that headline, the reader is conditioned to believe that market timing is a significant cause of wealth inequality in the United States – a completely bogus idea for which there exists mountains of research to the contrary.

Oct 28 08:20

US college students face high debt, shattered dreams

Tuition in the United States at public and private colleges has risen steeply over the past 10 years. Even worse, private for-profit colleges have proliferated around the country, with enrollment growing by 225 percent from 1998 to 2008. These colleges prey on low-income students, leaving many deep in debt, without a degree and in low-paying jobs that bear little resemblance to the descriptions in for-profit college’s recruitment pitches and late-night television ads.

Oct 28 08:00

CHRISTMAS IN OCTOBER – DESPERATE MEASURES

Oct 28 07:00

Switzerland Gold Referendum A Healthy Conversation — Ron Paul

Although it is unlikely Switzerland’s gold referendum will pass, one U.S. politician said the country is embarking on a “healthy conversation” regarding the role of its national bank.

Oct 28 06:44

New, More Toxic Breed of Crops Gain Approval

Instead of taking a proactive approach to save the environment and human life, the US Department of Agriculture (USDA) recently decided to deregulate Dow Chemical’s next-generation GE crops.

These crops are not only resistant to glyphosate, but also carry resistance to toxins like 2,4-D, a component of Agent Orange, and Dicamba, which has been linked to non-Hodgkin’s lymphoma. The chemical 2,4-D and other herbicides of this class have also been linked to:

Immune system cancers
Parkinson’s disease
Endocrine disruption
Reproductive problems

Then, on October 15, the US Environmental Protection Agency (EPA) announced3 its final decision to register Enlist Duo—a new herbicide manufactured by Dow Chemical, to be used on corn and soybeans genetically engineered to tolerate both 2,4-D and glyphosate.

Oct 28 05:32

Forget "Free Trade"--Focus on Capital Flows

Oct 27 20:39

IRS seizes hundreds of perfectly legal bank accounts, refuses to give money back

The Internal Revenue Service has been seizing bank accounts belonging to small businesses and individuals who regularly made deposits of less than $10,000, but broke no laws. And the government is refusing to return all the money taken.

Oct 27 18:01

Guess How Much Americans Plan To Spend On Christmas And Halloween This Year…

It is that magical time of the year for retailers. The period between mid-October and late December can often make the difference between success or failure in the retail industry, and this year will be no exception.

Oct 27 16:17

The problem with the CPI: Roach

Oct 27 15:49

Food poverty is a British problem

There are 13 million people living below the poverty line in Britain. In Manchester, one of the country’s fastest-growing cities, 38 per cent of children live in poverty. And the situation is only getting worse, as the last few years have seen extreme changes to welfare support, wage increases below the rate of inflation, and food prices steadily rising.

Oct 27 15:15

McMillan: Equity put call buy signal

Oct 27 14:45

10 Common Medical Billing Overcharges You Can Prevent

From surgery costs, to administrative fees, to equipment charges, hospitals and clinics routinely overcharge their patients for services both big and small. The medical principle of “first, do no harm” sometimes seems to have gone out the window completely.

Unfortunately, there are no laws to keep hospitals and clinics from doing this. It is our responsibility to step up and blow the whistle on these—let’s face it—criminal practices.

Oct 27 14:44

8 Unfair Medical Billing Practices and How to Fight Them

3) Double-billing

Often a medical bill can include separate charges for items that were included in other bills. For example, hospitals sometimes charge separately for the sheets and pillows on a hospital bed, a cost that is usually included in the price of the room. It’s also possible to see a charge for the scrubs, masks and gloves worn by an OR staff on both the surgery bill and the bill for the operating room time.

Oct 27 14:43

Medical "Double" Billing - paid cash, provider still billed insurance company

I schedule a visit with a PT in December 2012, provide insurance info. Shortly after called by admin staff at office, told insurance company says I have deductible to satisfy, so first visit will be $150 (the cash rate). Pricey but I can't wait, so I don't cancel. I go to visit, pay $150 before I even see the therapist. Get treated, assume eveything is fine. Fast-forward to one week ago, receive second bill for another ~$30 or so.

Oct 27 14:43

Avoid Being Double-Billed for Co-Pays

Some hospital and physician group practices are billing GIC members for office visit copays that the member already paid at the provider's office. The GIC has become aware of these occurrences through members, staff experience, and confirmation from our plans. Here is what you can do to protect yourself:

Oct 27 14:33

False medical claims

Unethical providers may double- or triple-bill health insurers for the same treatments, hoping the insurer won't discover the overruns in the big stack of bills.

Oct 27 14:32

2 Investigators: Are Hospitals Double-Billing Some Patients?

Understanding a hospital bill can be frustrating and overwhelming.

Depending on how good or bad your insurance is — or if you have no insurance at all — you may get stuck paying excessive or duplicate charges and not even know it.

Oct 27 14:08

OPEC Oil Supply/Demand Balance

Oct 27 13:47

Pending Home Sales Disappoint As 15% of Realtors Report Clients Unable To Obtain Financing

Less than a week after the NAR reported September existing home sales which surged at a 5.17 million annualized pace, the highest since September 2013, rebounding from the August drubbing which was also the worst miss in 2014, today the NAR flip-flopped and disappointed sellside expectations of a 1.0% rebound following the August -1.0% decline, rising a modest 0.3%, and less than half the 2.2% expected increase from a year ago, rising only 1.0% Y/Y. This was the third miss in the series in the last 4 prints.

Oct 27 13:46

US child poverty remains at highest rate in 20 years: Report

A new report says nearly 25 percent of American children live in poverty, the highest level in 20 years.

The report, published in the US medical journal JAMA Pediatrics, found that over 16 million children live in poverty in America.

Oct 27 13:11

How Rich Are the 400 Richest Americans?

In the supposedly classless society of the United States, the wealthiest Americans are doing remarkably well.

According to Forbes, a leading business magazine, the combined wealth of the 400 richest Americans has now reached the staggering total of $2.3 trillion. This gives them an average net worth of $5.7 billion–an increase of 14 percent over the previous year.

Oct 27 12:55

Fed set to finally get out of the market

Fed expected to announce end of quantitative easing this week

Oct 27 12:34

Total War over the Petrodollar

Marin Katusa, Chief Energy Investment Strategist
Casey Research

The conspiracy theories surrounding the death of Total SA’s chief executive, Christophe de Margerie, started the second the news broke of his death. Under mysterious circumstances in Moscow, his private jet collided with a snowplow just after midnight. De Margerie was the CEO of Total, France’s largest oil company.

He’d just attended a private meeting with Russian Prime Minister Medvedev, at a time when the West’s relationship with Russia is fraught, to say the least...

Oct 27 11:57

25 EU banks fail ‘stress test’, exposing $31bn shortfall

Nearly one in five leading European banks have failed the stress test conducted by the European Central Bank, which revealed a $31.2 billion (€24.6 billion) capital gap in 25 banks showing they’re not ready to withstand a three-year recession.

The results of the EU-wide stress test were reported on Sunday by the European Banking Authority (EAB) and the European Central Bank (ECB).

Oct 27 11:32

The housing market in 10 charts.

Oct 27 11:18

Why Do Banks Want Our Deposits? Hint: It's Not to Make Loans.

Many authorities have said it: banks do not lend their deposits. They create the money they lend on their books.

Robert B. Anderson, Treasury Secretary under Eisenhower, said it in 1959:

When a bank makes a loan, it simply adds to the borrower's deposit account in the bank by the amount of the loan. The money is not taken from anyone else's deposits; it was not previously paid in to the bank by anyone. It's new money, created by the bank for the use of the borrower.

The Bank of England said it in the spring of 2014, writing in its quarterly bulletin:

The reality of how money is created today differs from the description found in some economics textbooks: Rather than banks receiving deposits when households save and then lending them out, bank lending creates deposits.

. . . Whenever a bank makes a loan, it simultaneously creates a matching deposit in the borrower's bank account, thereby creating new money.

Oct 27 11:02

Obama’s Big Government Entitlement State Failing

• 38% of able-bodied Americans 16 and over not working.

As voters look ahead to two upcoming elections—November’s midterms and the 2016 presidential race—they must ask themselves a question:

After six years of an anemic economy hobbling along on life support, does Obama-style big government work?

In many areas, the proof couldn’t be more obvious. Poverty rates in California top 23%, while Washington, D.C. exceeds 22%.

Oct 27 10:56

How will the stock market react to the end of quantitative easing?

It is widely expected that the Federal Reserve is going to announce the end of quantitative easing this week.

Oct 27 09:58

Stock markets threatened by collapse in Chinese consumer demand

The capitulation of the Chinese consumer threatens to drag stock markets around the world into a death spiral as one of the pillars of global growth is undermined.

Webmaster's Commentary: 

"Oh yes, this is all China's fault. Blame China!" -- Official White Horse Souse

Oct 27 09:16

German business blues as confidence hits 6-month low

Business confidence in Germany, the EU’s largest economy, declined for a sixth consecutive month in October. The data is ominous for the eurozone on a whole, which is failing to grow, and may dip back into recession by the end of the year.

Oct 27 08:50

Andy Hoffman - Fed’s Biggest Fear-Loss of Confidence in Dollar

Why is the Fed so terrified with even a relatively small market drop from all-time highs? Andy Hoffman of Miles Franklin thinks, “Their fear is a loss of confidence in the dollar. It’s that simple. . . . Since 2008, all they have left in their arsenal is money printing, market manipulation and propaganda. The propaganda doesn’t work anymore. Nobody believes in recovery, and everyone knows it’s not true.” Hoffman also points out, “Just think about the perception if the Dow fell a thousand points in a day or, let alone, three or four thousand points in a day. They would call it the crash of 1929. Look at Europe. Twenty-five European banks failed the stress test. . . . The banking system, as a whole, is on the precipice right now, and the slightest drop will cause the whole 2008 calamity to start all over again. . . . Once that confidence leaves, everyone races out of currencies, and the stock market and the whole economy mirage collapses.”

Oct 27 08:50

IRS seizes woman's entire savings because she deposits less than $10,000 at a time

An Iowa woman named Carole Hinders saw her bank balance go from $33,000 to zero thanks to IRS confiscation. Hinders, who owns a small, cash-only Mexican restaurant, has not been charged with any crime and is not suspected of tax fraud. The IRS says they took her money solely because she deposited too little of it at a time, and the agency claims she did so to avoid the required reporting of any bank transaction over $10,000. She says she just thought it was helpful to save the bank paperwork.

Oct 27 07:42

Hungarians revolt against internet tax (PHOTOS, VIDEO)

Furious with the government plan to impose tax on Internet data traffic, thousands of Hungarians rallied in front of the Economy Ministry in Budapest to protect the freedom of the internet from the 'anti-democratic' measure.

Tens of thousands gathered in front of the Economy Ministry building on Sunday, urging the politicians to scrap the plan that will see internet service providers (ISPs) pay 150 forints ($0.62) for every gigabyte of data traffic transferred over their networks.

Oct 27 07:23

3 reasons why you should expect a 30% market meltdown

In a commentary for Marketwatch just over two months ago, I predicted that the U.S. stock faced at least a 20% correction. The signals now point to a 30% downturn.

Oct 27 07:20

“They Just Want The Money!” The IRS Can Now Seize Accounts On Suspicion Alone

The topic of civil asset forfeiture has been high on our agenda recently as federal ‘agents’ discover how to steal Americans’ hard-earned cash with zero repurcussions , and decide unilaterally how much cash a ‘common man’ is allowed to carry; but as The NY Times reports, the escalation to The IRS brings a whole new world of possibilities with regard asset confiscation based on no actual crime being proved…

Webmaster's Commentary: 

Oct 27 07:17

If the Tesla D’s Such a Great Car..

Over the past week, I’ve been assaulted by one “news” story after the next about the latest fruit of government motors. Not GM. Tesla. The Model D. It is very slick! And very quick! It has all-wheel-drive! Not one but two electric motors (which isn’t new, by the way). Orgiastic comparisons with Porsche 911s and other exotic high-performance cars.

No mention, of course, that the government doesn’t pay people to buy 911s. Nor is Porsche a rent-seeking cartel whose existence depends on government support.

I was asked recently during a radio interview (here) why I do not like the Tesla. But that is not the right question, much less a fair question.

I haven’t got any particular like — or dislike — for the Tesla as such. If Elon Musk — or anyone else wants to build a car (powered by whatever, be it electricity or air or unicorn farts) and offer it for sale, they ought to be free to do so. I certainly have no objection to that.

Oct 27 07:14

CVS follows Rite-Aid, shuts off Apple Pay

Last Thursday drug store chain Rite Aid Inc. (RAD) reportedly stopped accepting payments made through the just launched Apple Pay system from Apple (AAPL). On Saturday, CVS Health (CVS) was reported to have followed suit at its CVS pharmacy stores.

The issue appears to be a conflict between Apple Pay and a mobile payment system called CurrentC that is being developed by a retailer-owned mobile technology outfit called Merchant Customer Exchange (MCX). Unlike Apple Pay, CurrentC does not use an NFC chip, but instead generates a QR code that is displayed on the merchant's checkout terminal. Customers who have already linked their bank accounts to the CurrentC system scan the QR code from the terminal and the transaction is completed.

Oct 27 06:20

American Exceptionalism and Its Discontents

but this time is different...

Oct 27 05:46

Eagles of Empire and Economic Terrorism: Are Vulture Funds Instruments of US Foreign Policy?

snip: In front of the sixty-ninth session of the UN General Assembly and a meeting of the UN Security Council chaired by US President Barack Obama, Argentina argued that terrorism is not only committed by violent groups that plant bombs, but also by financial entities and organizations that destabilize national economies and make whole societies destitute through speculation and financial manipulation. In Cristina Kirchner’s words, “terrorists are not only those who set off bombs, but also those who destabilize economies, causing hunger, misery, and poverty.”

Oct 27 05:15

25 EU banks fail stress test

Oct 26 18:14

How Will The Stock Market React To The End Of Quantitative Easing?

It is widely expected that the Federal Reserve is going to announce the end of quantitative easing this week. Will this represent a major turning point for the stock market?

Oct 26 16:54

Federal Reserve to Markets: You’re Too Easy

Oct 26 16:24

We’re heading for economic dictatorship

In this dystopian future there would have to be permanent austerity programmes. This would not only mean cutting government spending, which is what “austerity” means now, but the real kind: genuine falls in the standard of living of most working people, caused not just by frozen wages and the collapse in the value of savings (due to repeated bouts of money-printing), but also by the shortages of goods that will result from lack of investment and business expansion, not to mention the absence of cheaper goods from abroad due to import controls.

Oct 26 15:48

Italy is in terminal decline, and no one has the guts to stop it

The Rome Opera House sacked its entire orchestra and chorus the other day. Financed and managed by the state, and therefore crippled by debt, the opera house — like so much else in Italy — had been a jobs-for-life trade union fiefdom. Its honorary director, Riccardo Muti, became so fed up after dealing with six years of work-to-rule surrealism that he resigned.

Oct 26 15:33

One in five Eurozone banks struggling with financial problems

The European Central Bank says one in five Eurozone banks is grappling with financial problems with Italy's banks hit hardest by the ongoing crisis.

Oct 26 14:43

Big Oil, Qataris, Saudis Lick Lips As US 'Fights ISIS' By Bombing Syrian Pipelines

Brandon Turbeville
Activist Post

In yet another example of the infantile nature of NATO propaganda regarding the Syrian crisis, it is now being reported in the mainstream media that that the United States must bomb Syrian oil pipelines in order to defeat the ISIS threat that NATO itself created.

While logically fallacious, the rationale offered to the American public remains that ISIS is making millions of dollars per day via the sale of the oil taken from the fields in its possession on the black market to a number of different states...

Oct 26 13:52

FATE OF ECONOMY DECIDED ON NOVEMBER 15 2014

Oct 26 12:11

Copper is in the dangerzone

Oct 26 11:36

Big pharma bets on Ebola vaccines, treatments

Drugmakers are racing to develop vaccines and drugs to address the worst outbreak of Ebola in history. It's unclear who will pay for their products, but companies are betting that governments and aid groups will foot the bill.

Oct 26 11:13

Why Stocks and Oil Look Like the Same Market

Oct 26 09:34

Cognitive Elite – The Jewish Ghetto, Gaza and Detroit

A Study of Jewish Identity Politics, offers a theory of cognitive ability distribution to explain Zionism, Jewishness, anti-semitism, and identity politics generally. September 29, 2014 video by Joe Friendly

Oct 26 07:41

13 European Banks Don't Have Enough Money To Survive A Financial Crisis

The European Central Bank said on Sunday that 25 eurozone banks showed a capital shortfall, after a year-long review of finances for 130 of the largest banks in the euro area.

Webmaster's Commentary: 

"No problem; we'll just print a whole bunch more out of thin air and loan it to them at interest!" -- Money Junkies

Oct 26 07:26

CHRISTMAS IN OCTOBER – DESPERATE MEASURES

The desperation of retailers grows by the day. I head to Wal-Mart and Giant in Harleysville every Sunday morning at 7:00 am. to do my weekly grocery shopping. I go to Wal-Mart at opening to avoid the freaks we see weekly on the People of Wal-Mart post. The workers at Wal-Mart are only a small step above the customers. They can barely communicate, rarely look you in the eye, and generally act like they are prisoners in an asylum.

Webmaster's Commentary: 

Claire and I went to Macy's yesterday so I could buy a belt (as the ones I get at Sears fall apart after just 2 months) and they already have their Christmas displays fully set up.

Oct 26 07:17

Low paid workers now top five million

The number of people in low-paid jobs in the UK has topped five million.

Research from think-tank the Resolution Foundation revealed that more people than ever before were earning less than two thirds of the median (the higher half of a sample) of £7.69 an hour – an increase of 250,000 last year.

The 5.2million workers earning low wages presents a problem for the government, which receives less in tax and pays out in benefits to supplement family incomes.

Oct 26 06:00

China launches new World Bank rival

Oct 26 03:55

British pensioner poverty among worst in the EU

BRITAIN's pensioners are some of the worst off in the EU and are at a greater risk of falling into poverty than those in Eastern Europe.

Some 15 countries come ahead of the UK when it comes to levels of poverty in the over-65s, according to a new report by the International Longevity Centre (ILC-UK).

The UK is performing worse than countries like Romania, Poland and Latvia, despite being the second richest in the Union.

A failing state pension system and low employment later in life has left 1.7million OAPs living below the breadline, experts say.

Some 16.1 per cent of British pensioners live in relative poverty, while Romania has just 15.4 per cent and Latvia has 13.9 per cent.

Germany, Austria, Spain, Denmark, Poland, Ireland, France, Norway, Slovakia, Luxembourg, the Czech Republic, Hungary and the Netherlands are all performing better than the UK.

Oct 26 00:05

7 things the middle class can’t afford anymore

The middle class has certainly changed. We’ve ranked a list of things the middle class can no longer really afford. We’re not talking about lavish luxuries, like private jets and yachts. The items on this list are a bit more basic, and some of them are even necessities. The ranking of this list is based on affordability and necessity. Therefore, items that are necessity ranked higher, as did items that a larger percentage of people have trouble paying for.

Oct 25 15:39

Annual global and US road crash statistics:

Oct 25 15:22

India's space madness amid astronomical poverty 

Graham Peebles questions the justice and wisdom of India’s ruling elite, which spends USD1 billion annually on its space programme while India has the world’s highest number of people practising open defecation.

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