ECONOMY | WHAT REALLY HAPPENED


ECONOMY

Dec 11 20:33

Fossil fuel subsidies better spent on renewables, (NZ) Trade Minister David Parker tells WTO conference

Trade Minister David Parker has told a World Trade Organisation meeting that hundreds of billions of dollars in fossil fuel subsidies should be redirected into renewable energy.

His comments, made today at the WTO ministerial conference in Buenos Aires, Argentina, echo previous statements made by Prime Minister Jacinda Ardern at the Asia Pacific Economic Co-operation summit in Vietnam last month.

"Each year, Governments are spending at least US$425 billion subsidising the production and sale of coal, oil, gas and other greenhouse gas emitting fuels," Parker told a WTO event on fossil fuel subsidy reform.

"We want to change this. This money could be better used to pursue other development goals or invest in the renewable energy sector."

Dec 11 13:02

Is A Recession Looming? Low Unemployment And Declining Treasury Curve Occur Just Before Recessions (And Lousy Wage Growth)

US Real GDP is growing at 2.3% YoY.  What’s not to like?

Dec 11 12:55

VIDEO --- Discover the Truth about the Men Behind the Curtain ...

Revealed; The Men Who Own and Run the U S Government

...Who is in control of the United States?

This documentary shows a timeline of history in the United States and which elites have provoked and controlled the wars of our past and present for financial gain.

Dec 11 12:13

Social Security Won't Give You Security

If you're counting on Social Security to finance your retirement, you're in for a big surprise.

Dec 11 12:01

Finally, Gold Speculators Start To Bail, Setting Up A Big Q1 2018

It took a lot longer than it should have, but gold futures traders have finally started behaving “normally.”

Dec 11 11:48

Central bank balance sheets in one chart!

Dec 11 10:42

Amid “Full Employment,” No Recovery in US Wages

Trump claims his $1.5 trillion tax cut—including the slashing of the corporate tax rate from 35 percent to 20 percent—will create more jobs and increase wages. As in the Obama years, however, this massive windfall for big business and the rich will not be used to expand production, let alone increase the wages and living standards of workers. It will go for stock buybacks and dividend increases, which benefit the richest investors.

Dec 11 10:00

US Pushes Diplomatic Isolation for North Korea, Despite Being ‘Open to Talks’

US officials, led by Ambassador Nikki Haley, have been making the rounds worldwide pushing for all nations to sever diplomatic ties with North Korea. This further undermines the US claims of being open to talks, but it’s also not clear what they expect to accomplish.

Since the US has no direct diplomatic ties with North Korea themselves, any diplomatic efforts require some intermediary. Yet if the US got its way, and everyone cuts off North Korea ties, there are no such intermediaries.

In practice, the US doesn’t expect this to be a successful push. Officials suggest that North Korea takes its international standing very seriously, and even a little bit of diplomatic harm would greatly embarrass them, however.

Plus it’s not like the US has a lot of “non-war” options left for things to do to North Korea. The nation doesn’t trade with much of anybody, except for China and Russia, and the US doesn’t have any real chance of cutting off either of those partners.

Webmaster's Commentary: 

There are very few diplomatic overtures the US can take, other than negotiating with them while they are still in the process of creating their nuclear deterrent.

And Trump, Tillerson, and Hailey have uniformly stated that will not happen, even if pigs discover they are aerodynamic.

So what are the odds of averting a war with North Korea, because the US government has boxed itself in by not allowing more room for diplomatic maneuvers?!?

Unfortunately, although I hope to hell I am wrong, not great, at this moment.

You have to understand: the Elites need a war, and soon, to attempt to "misdirect" the American public's anger away from the coming economic crash which will hit all sectors of the economy.

Dec 11 09:14

A NEW STEALTH ATTACK IN EU’S “WAR ON CASH”

The EU’s Orwellian-dubbed Civil Liberties and Economic Affairs committee has approved tough new rules on cash that travelers might bring into or take out of the bloc. It’s also broadened the definition of cash to include precious stones and metals and prepaid credit cards.
For the moment the new definition does not include Bitcoin and other cryptocurrencies, for one simple reason: “customs authorities lack the resources to monitor them.”

Most importantly, the draft law will enable authorities to impound “cash” below the traditional €10,000 threshold, if criminal activity is suspected. The new rules would repeal the First Cash Control Regulation (CCR) from 2005, which requires individuals to declare sums over €10,000 when leaving or entering the EU.

Webmaster's Commentary: 

Again, the EU's plans to ban cash transactions have utterly zero relationship to justice, to the average person, who may be involved in a "cash and carry" business; it never touches those with armies of accountants and lawyers on speed dial, who can help them "disguise" their wealth by other means.

Dec 11 09:09

BITCOIN VS FIAT CURRENCY: WHICH FAILS FIRST?

I am struck by the mainstream confidence that bitcoin is a fraud/fad that will soon collapse, while central bank fiat currencies are presumed to be rock-solid and without risk. Those with supreme confidence in fiat currencies might want to look at a chart of Venezuela's fiat currency, which has declined from 10 to the US dollar in 2012 to 5,000 to the USD earlier this year to a current value in December 2017 of between 90,000 and 100,000 to $1:

On 1 December, the bolivar traded in the parallel market at 103,024 VED per USD, a stunning 59.9% depreciation from the same day last month.

Analysts participating in the LatinFocus Consensus Forecast expect the parallel dollar to remain under severe pressure next year. They project a non-official exchange rate of 2,069,486 VEF per USD by the end of 2018. In 2019, the panel sees the non-official exchange rate trading at 2,725,000 VEF per USD.

Dec 11 08:20

Eurozone CRISIS: Italy hatches shocking plan to 'LEAVE euro' – and ECB 'APPROVES'

In a move that will spark fears across the EU of an “Italexit”, three of the country’s political parties are backing the introduction of “Fiscal Credit Certificates” as an alternative to the euro.

The complex plan has the approval of the European Central Bank.

Among the parties backing it is Silvio Berlosconi’s Forza Italia, which has enjoyed an astonishing comeback in the polls.

The revelation comes as Martin Schulz, the leader of Germany’s Social Democratic party who is tipped to become Chancellor Angela Merkel’s deputy, last week called for the creation of a United States of Europe by 2025.

Dec 11 08:07

The Biggest Bubble Ever, In Three Charts

Dec 11 07:31

Bulgaria Government Shocked To Discover It Owns $3 Billion In Bitcoin

Bulgaria’s GDP is about $52.4 billion (2016), so it is quite a shock that the Bulgarian Government is sitting on an approximate $3 billion worth of Bitcoins seized in an anti-corruption operation back in May.

Putting this into a little more glaring context, Bulgaria is holding 18% of the national debt in bitcoins.

Dec 11 07:23

Is Oil About to Collapse?

US producers simply don’t play along with OPEC and Russia.

Dec 11 06:32

Global Banks Have BILLIONS About To Collapse as This Company About to Fail ANY DAY!

The EU is failing. The ECB is unable to fix this and their intervention is only making things worse.

Who do you think will fall first, the US or the countries within the EU?

Dec 11 06:05

Bitcoin vs Fiat Currency: Which Fails First?

Dec 11 05:45

BITBUBBLE

Dec 11 05:39

A NEW STEALTH ATTACK IN EU’S “WAR ON CASH”

The EU’s Orwellian-dubbed Civil Liberties and Economic Affairs committee has approved tough new rules on cash that travelers might bring into or take out of the bloc. It’s also broadened the definition of cash to include precious stones and metals and prepaid credit cards. For the moment the new definition does not include Bitcoin and other cryptocurrencies, for one simple reason: “customs authorities lack the resources to monitor them.”

Dec 11 05:18

Enron Déjà Vu? Citi, BofA, HSBC, Goldman, BNP on the Hook as Steinhoff Spirals Down

$21 billion of debt. Off-balance-sheet entities. Moody’s wakes up, downgrades it four notches, with more to come.

Dec 11 04:20

Bitcoin Futures Begin Trading – Let The Madness Commence!

One of the things that I love about Bitcoin is that the fun never seems to end. 

Dec 11 03:37

Defense Contractors Hold Pentagon Hostage With Contracts

A new Government Accountability Office report, released in October 2017, details problems the services are having keeping the F-35 fleet ready for combat. One problem it highlighted was that, at a time when the Pentagon is desperate to ramp up production of new aircraft, the services have to wait an average of 172 days—nearly six months—to repair components for the F-35 Joint Strike Fighter (JSF), when it should only take between 60 and 90 days. While this aspect of the report garnered most of the headlines, the report reveals a much more fundamental and systemic problem involving most of the latest high-tech weapon systems: Defense contractors are creating complicated support systems for the increasingly complex weapon systems the Pentagon buys, which allows the contractors to secure long-term contracts for which they have no competition from other companies.

The F-35 serves as the ultimate example of this arrangement. Under the current plans, the American people will spend $406.5 billion for research, development, and procurement for a fleet of 2,456 F-35s. That is a staggering figure, but it pales in comparison to the costs to sustain the program. These costs are expected to top $1.2 trillion through 2060>>>

Dec 10 10:50

Bitcoin Phase Transition or Plateau Move?

Dec 10 09:46

Russia-China real gold standard means end of US dollar dominance

The BRICS counties are considering starting an internal gold trading platform, according to Russian officials. When this happens, the global economy will be significantly reshaped, and the West will lose its dominance, predicts a precious metals expert.

Dec 10 09:42

Here's How Much Retirees Are Spending To Support Their Adult Kids

At one point in time in America, living at home with mom and dad after crossing out of your teenage years and into your 20s was embarrassing and something that was generally avoided at all costs. And while hard times come and go, 20-somethings who were forced back into their parents' care worked their tails off until they could save up enough money to once again regain their freedom.

But, these days millennials seem to be embracing the free room and board provided by their parents. According to a new study from the Census Bureau, roughly one-third of all millennials live at home with their parents and one-fourth of them can't be bothered with enrolling in school or finding a job.

Dec 10 09:37

Has Our Government Spent $21 Trillion Of Our Money Without Telling Us?

According to the GAO's Comptroller General, "Journal vouchers are summary-level accounting adjustments made when balances between systems cannot be reconciled. Often these journal vouchers are unsupported, meaning they lack supporting documentation to justify the adjustment or are not tied to specific accounting transactions…. For an auditor, journal vouchers are a red flag for transactions not being captured, reported, or summarized correctly."

Dec 10 09:35

Has Our Government Spent $21 Trillion Of Our Money Without Telling Us?

On July 26, 2016, the Office of the Inspector General (OIG) issued a report “Army General Fund Adjustments Not Adequately Documented or Supported”. The report indicates that for fiscal year 2015 the Army failed to provide adequate support for $6.5 trillion in journal voucher adjustments. According to the GAO's Comptroller General, "Journal vouchers are summary-level accounting adjustments made when balances between systems cannot be reconciled. Often these journal vouchers are unsupported, meaning they lack supporting documentation to justify the adjustment or are not tied to specific accounting transactions…. For an auditor, journal vouchers are a red flag for transactions not being captured, reported, or summarized correctly."

Dec 10 09:35

Has Our Government Spent $21 Trillion Of Our Money Without Telling Us?

On July 26, 2016, the Office of the Inspector General (OIG) issued a report “Army General Fund Adjustments Not Adequately Documented or Supported”. The report indicates that for fiscal year 2015 the Army failed to provide adequate support for $6.5 trillion in journal voucher adjustments. According to the GAO's Comptroller General, "Journal vouchers are summary-level accounting adjustments made when balances between systems cannot be reconciled. Often these journal vouchers are unsupported, meaning they lack supporting documentation to justify the adjustment or are not tied to specific accounting transactions…. For an auditor, journal vouchers are a red flag for transactions not being captured, reported, or summarized correctly."

Dec 10 09:07

Bitcoins Bulgarian police seized from an 'organised crime gang' would now pay off a FIFTH of the country's national debt after value rises by 600% in six months

Bulgarian police have seized enough Bitcoins to pay off a fifth of the country's national debt after the value surged by 600% in half a year.
Officers are said to have confiscated hundreds of thousands of units of the virtual currency worth $500million from an organised crime gang in May.

But the surging value of Bitcoin means that the haul of 213,519 is now worth a staggering $3.3billion.

That is enough to pay off almost a quarter of Bulgaria's national debt, although it is not known what the authorities have done with the currency.

Dec 10 08:56

Bill Blain: Bitcoin Futures Could Be "A Clusterf*ck Of Monumental Proportions"

Crypto-'currency' or total carnage?

Mike Novogratz doesn’t see "quick adoption" of Bitcoin as a currency, preferring to think of it as 'digital gold'.

Perhaps this is one reason why.

Amid its meteroic rise, Bitcoin is now 20 times more volatile than the US Dollar...

Dec 10 06:48

Walmart is the largest employer in 22 states

Dec 10 06:28

JOBS STORY REALITY CHECK

Dec 10 05:26

Why Economists Are Morons

Dec 09 19:13

Walmart is the largest employer in 22 states

Dec 09 11:19

IMF Warning About China’s TRILLIONS in Potential SYSTEMIC RISKS! Here’s Why.

Here is the IMF, talking about just a small percentage of the risks in China. Does this mean that China the only country with issues? No. Not even close. But where there are risks, we must identify them.

Dec 09 11:03

Peak Fantasy Time

If you want to know why both Wall Street and Washington are so delusional about America's baleful economic predicament, just consider this morsel from today's Wall Street Journal on the purportedly awesome November jobs report.

Dec 09 09:59

Adam Mesh – Better Alternatives to Bitcoin

Dec 09 08:23

Better Than Bitcoin and FANG Stocks in 2017! Guess the BEST Performing Stock Market ON EARTH?

Venezuela is the perfect example of what a central bank can do to a currency. Completely destroy it. This is what happens to fiat currencies with central bank control. They expand it until it devalues entirely. Central planning is a failure. Financial and political.

Dec 09 07:50

Former Soros Analyst Warns on Growing Risks

Dec 09 07:07

The Fed’s QE-Unwind is Really Happening

Fed’s assets drop to lowest level in over three years.

Dec 09 06:43

FAKE NEWS CAMPAIGN: AMERICANS FALSELY THINK THEIR TAXES WILL RISE WITH GOP PLAN

Due to an influx of fake news and anti Trump propaganda, as per a CBS News poll, a large number of Americans have been misinformed and are now believing that President Trump’s tax cuts are not really tax cuts, but yet another boon for the richest one percent, or something along these lines.

Dec 09 06:30

The Indicator That Predicted The Bear Market 100% Of The Time Just Hit Again

Banks issue last minute warning that Bitcoin futures might be to risky, but don't worry Goldman Sachs will clear them. Unemployed Americans says they are the most comfortable in years?

Dec 08 18:02

Yet Another Major Bank Issues Market Warning!

“I think these banks are trying to cover their rear-ends.”

Dec 08 17:49

Everyone In The (Stock Market) Pool?

The percentage households’  financial assets currently invested in stocks has jumped to levels exceeded only by the 2000 bubble.

Dec 08 14:08

We Watched Tulips In Real Time!

Dec 08 12:13

Saxo Bank predicts Bitcoin collapse to $1,000 in 2018

It’s that time of year again– the time when everyone seems to be channeling his or her inner Nostradamus, peering into the crystal ball, and making predictions about what we’re going to see next year.

Dec 08 11:22

WHAT, ME WORRY?

Market cap as a % of GDP now higher than the Pets.com peak in 2000.

Dec 08 10:13

DOJ Gifts Romney’s Bain Unlimited Get Out Of Jail Free Cards

By Aaron Kesel

Recently, the NY Post‘s Josh Kosman reported that “Romney’s Bain Capital has plunged 2 toy retailers into bankruptcy”; he apparently missed a few other Toy company bankruptcies from Bain’s history.

The first issue is Mitt Romney & Bain Capital entered into the toy industry by Mattel investors who endured a $4 billion loss, which was followed up by bankruptcy after bankruptcy of toy companies – with questionable ethics...

Dec 08 10:07

De-Dollarization Continues: China, Iran To Eliminate Greenback From Bilateral Trade

The more Washington lashes out in anger at those who will not bow to the unipolar world order, the more the rest of the world fights back. As the launch of its Yuan/Gold-settled oil futures looms, China is escalating its de-dollarization scheme further by seeking a bilateral rial-yuan agreement with Iran.

Dec 08 10:06

Misunderstanding the Economics of Robotics

Robots are only cost-effective in the narrow niches of commoditized tasks.

Dec 08 08:15

Ron Paul ‘Surprised’ With His Followers Resounding Pick of Bitcoin Over Gold

Former Republican Congressman Ron Paul said he was "surprised,' when the majority of his devout gold followers, chose bitcoin over the yellow metal as their investment choice.

Dec 08 07:54

Fed Balance Sheet Shrinks By $2.5 Billion (Starts Resembling a 30-year Mortgage)

The New York Federal Reserve has released their weekly SOMA (System Open Market Account) report. And as of December 6, 2017, SOMA has declined by $2.5 billion. To $4.2 TRILLION.

Dec 08 07:31

Americans Spent $409 Billion Filing Taxes In 2016—That’s 2.2 Percent Of GDP

According to a report from the Tax Foundation, Americans spent $409 billion (2.2 percent of GDP) on tax compliance in 2016.  This works out to 8.9 billion man-hours wasted preparing tax returns, which is the equivalent of roughly 4 million full time jobs.

Dec 08 03:56

Bitcoin Bubble: Is Bitcoin Going To $1 Million Or Is it Going To Zero?

The price of Bitcoin continues to rise at an exponential rate, and the financial world is in a complete state of shock.

Dec 07 16:20

Random Thoughts and Observations on the Middle Class

Following are random thoughts and observations on the middle class, and its wages.

Much has been said about falling real wages for the middle class. Wages are often tied to productivity. Productivity increases over the last 10 years have been horrible, averaging 1.6% a year. This increase in productivity will limit the flow through of real wages, even without global the pressures that exist.

Dec 07 14:58

CLYDE AND HIS GUNS

Clyde didn't mess around with Tommy guns firing the little ole.45 ACP, his favorite gun was his chopped down John Browning designed BAR in .30-06 caliber. His whippet gun.
Anybody who let Clyde get into action first was dead,which is why Hamer gave them no chance at all. Clyde more or less had a contract put on him by the governor of Texas for busting his buddies out of the state pen and killing 2 guards. Clyde was raped in prison.
Bonny and Clyde were penny ante crooks who robbed grocery stores and gas stations and maybe one bank.

https://www.youtube.com/watch?v=ylhz_WgJzWI&t=2139s

Dec 07 14:13

$67 Million in Bitcoin Hacked! THIS Is Who Did It!

Another hack for cryptos. This is a huge concern for many and as the price continues to rise, more hackers will scour the exchanges for faults. Just as they do for email accounts and credit card information and more. Protect your data with as many lines of defence as you possible can. Don't risk your wealth. This goes for all asset classes and information you don't want in anyone else's hands.

Dec 07 13:47

9-Year End Money Moves To Make Now

The week after Christmas begins with thoughts of lofty resolutions dancing around in our heads along with high expectations for success through the new year. There lies the great opportunity to settle in and take several financial actions that jump starts 2018 on solid fiscal footing.

Dec 07 13:09

Wall Street is not yet euphoric?

Retail investors are worshipping at the altar of FOMO (fear of missing out). It may prove to be a painful experience.

Dec 07 12:52

Warning: Trump’s Federal Reserve Pick Hates Gold and Cash

In case of emergency, you should always have a solid chunk of cash on hand. These days, that isn’t much riskier than keeping your money in a bank.

There are stories of banks and governments suspending accounts for no legitimate reason. Furthermore, the interest rates at banks hardly give you much incentive to store your money there.

But as with anything that gives individuals more control over their lives, the government doesn’t like it. They want the ultimate control to cut you off from your economic power.

Dec 07 11:24

The Case Of The Inexplicably Missing Defaults

Dec 07 10:12

TRUMP ECONOMIC RECOVERY

Dec 07 09:53

One Of Bank of America's "Guaranteed Bear Market" Indicators Was Just Triggered

It is undisputed that the last 2 quarters have demonstrated an impressive jump in corporate earnings growth, if mostly due to a beneficial base effect from plunging 2016 earnings which pushed them below levels reached in 2014. And naturally, this rebound has been more than priced into a market which has seen substantial multiple expansion since the Trump election to boot. But what is much more important for the market is what corporate earnings look like in the future, and it is here that Bank of America has just raised a very troubling red flag.

According to BofA's Savita Subramanian, in November the S&P 500's three-month earnings estimate revision ratio (ERR) fell for the fourth consecutive month to 0.99 (from 1.03), indicating that for the first time in seven months, there were more negative than positive earnings revisions, needless to say a major negative inflection point in the recent surge in profits. The bank's more volatile one-month ERR also weakened to 0.94 (from 1.16).

Dec 07 08:50

WHY THE GLOBALISTS NEED A WAR, AND SOON

In recent years the concept of “world war” has given way to a more insidious trend of constant and sporadic regional wars. In most cases these regional wars have helped to contribute to the steady downfall of the U.S. through accumulating national debts as well as international distrust or hatred. In fact, one might conclude that if we were to look at the macro-picture of the vast array of regional wars being perpetrated by the globalists we would see that all of them combined are amounting to a kind of world war in a different form.

Dec 07 08:47

101 Best Gold Quotes of All Time

Dec 07 08:06

Brexit 'SAPPING demand for German cars with number of exports PLUMMETING'

Matthias Wissmann of the German Federation of the Automobile Industry, said: "Brexit and the related lower demand in Britain caused by exchange rates has contributed to a 2.0-per cent fall in car exports, to 4.3 million vehicles.”

The UK is is the biggest export market by unit sales and the second-biggest in cash value.

German carmakers have around 20 per cent of global car market share this year with 16.4 million vehicles sold and produced around half of all new cars registered in Europe.

German carmakers have around 20 percent of global car market share this year with 16.4 million vehicles sold and produced around half of all new cars registered in Europe.

Dec 07 08:01

Largest Crypto-Mining Exchange Confirms It Was Hacked, $62 Million In Bitcoin Stolen

the total amount of bitcoins stolen from Nice Hash is 4736, or just over $62 million, and they have ended up at the following address:

Dec 07 07:53

Boston Globe slammed over Sheldon Adelson cartoon

A Jewish community leader has slammed the Boston Globe for publishing a cartoon depicting Jewish billionaire casino magnate Sheldon Adelson.

The cartoon by Ward Sutton, titled “Murder on the Tax-Cut Express,” appeared Friday. It portrayed the GOP tax reform bill – which the Senate approved Saturday – as a giveaway to Republican donors at the expense of others.

But the caricature of Adelson “evokes classic anti-Semitic imagery and reinforces existing stereotypes,” Robert Trestan, New England regional director of the Anti-Defamation League, complained to the Globe in a letter.

Webmaster's Commentary: 

It is Adelson's BEHAVIOR that evokes classic anti-Semitic imagery and reinforces existing stereotypes!

Dec 07 07:48

'I hate Brexit from every angle' Dutch PM's fury over Britain's decision to leave EU

BREXIT will have a "big" impact on the economies of European Union member states but will have an "infinitely bigger" effect on the United Kingdom, Dutch PM Mark Rutte has warned as he vented his fury over the decision to leave the bloc.

Dec 07 07:47

If Ireland Is Not A Tax Haven, What Is It?

No jurisdiction, except perhaps Bermuda, has more at stake per capita in the international tax game than Ireland. Again, reputation is central. Corporate boards and CEOs don't want their prestigious brands smeared by association. They cannot have their regional headquarters located in a jurisdiction that--whether fairly or unfairly--has obtained a reputation for less-than-aboveboard business dealings. The label "tax haven" implies sunny beaches and shady business. If Ireland wants to continue to attract investment by the world's most respected companies, it desperately needs to avoid the tax haven label. It must also avoid incurring the wrath of the citizenry of the European Union, who want Ireland to stop using low-tax rates to steal jobs and investment from their countries.

Dec 07 07:46

As Amazon Shares Fall, Jeff Bezos Is No Longer A Centi-Billionaire

Amazon CEO Jeff Bezos' two day streak as the world's only centi-billionaire is over -- for now.

Bezos' net worth topped $100 billion for the first time on Cyber Monday as Amazon shares soared. On Wednesday, his net worth fell $2.2 billion to $98 billion, as Amazon stock dropped more than 2% from Tuesday's close as of 1:45 p.m. Eastern Time. Because Bezos owns more than 16% of Amazon, small fluctuations in Amazon's stock have billion-dollar consequences for his net worth.

Webmaster's Commentary: 

My heart bleeds for his loss.

Dec 07 07:36

Bitcoin blasts through $15,000

In the last 36 hours, Bitcoin has blasted through $12,000, $13,000, $14,000, and now $15,000 levels in an unprecedented 28% surge…

Dec 07 07:15

EU's tax haven blacklist ruthlessly mocked after bloc REFUSES to include member states

Earlier today, EU finance ministers agreed 17 countries including South Korea, Panama, Saint Lucia, Samoa, Trinidad and Tobago, Tunisia and the United Arab Emirates (UAE) are not doing enough to crack down on offshore tax avoidance schemes.

These countries and American Samoa, Bahrain, Barbados, Grenada, Guam, Macau, Marshall Islands, Mongolia, Namibia, Palau, now face restrictions on EU funding or potential investments from the European Investment Bank, while the governments of member states are able to impose their own sanctions on the blacklisted states.

However, the blacklist has already been condemned for being “politically led” after EU countries including Luxembourg and Ireland were left off the list.

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