ECONOMY | WHAT REALLY HAPPENED


ECONOMY

May 29 09:26

Retirement Crisis: Experts say global retirement shortfall will top $400 TRILLION

No wonder politicians are now fine with getting rid of the estate tax. Not many people have an estate anymore. Today as Americans age, it’s not about planning who gets what and how much tax must be paid. Seniors are barely able to scrape together enough to simply live out their lives. In fact they’re short… about $400 trillion short.

May 29 08:26

They're Killing Small Business: The Number Of Self-Employed Americans Is Lower Than It Was In 1990

Once upon a time, America was the best place in the world for those that wanted to work for themselves. Our free market capitalist system created an environment in which entrepreneurs and small businesses greatly thrived, but today they are being absolutely eviscerated by the control freak bureaucrats that dominate our political system. As a result, the number of self-employed Americans is now lower than it was in 1990…

May 29 05:06

The Next Stock Market Crash Will Be Blamed On Donald Trump But It Will Be The Federal Reserve’s Fault Instead

A stock market crash is coming, and the Democrats and the mainstream media are going to blame Donald Trump for it even though it won’t be his fault.

May 28 16:23

Getting High At $1,000 Per Share

Amazon and Google are both in the red in today's pre-market trading, suggesting that the raging robo-machines may be taking a day off. But they probably are not quite done.

After all, Amazon did hit $993.38 per share yesterday---so its hard to imagine the robo-traders can't muster another 0.7% gain in order to tag the magic mountain of $1,000 per share.

May 28 16:07

The Push Is On, Free Money For Everyone As The System Breaks Down

UMich confidence, expectations and what is really happening in the economy are all headed in different directions. San Francisco housing declines as more people decide to leave the area. Core durable goods decline.

May 28 15:32

Calls To Ban Bitcoin Grow Louder After Ransomware Attack

In this video, Vin Armani covers the predictable fallout from the WannaCry ransomware attack. First they blame North Korea and bitcoin. Then an establishment think tank connects bitcoin to terrorism and presses Congress to ban it.

May 28 10:38

Why You Should Diversify Your Currency NOW

May 28 09:34

Bitcoin Moves into “Pump and Dump” Phase

May 28 08:11

Violent clashes, tear gas at G7 protest in Taormina, Italy as summit ends

A G7 protest in Taormina, Italy resulted in violent clashes with the police, who were seen deploying tear gas at protesters.
The violence erupted as the protesters reportedly veered off the approved route and approached a police checkpoint.

A small group of protesters broke from the main column and tried to flank the riot police checkpoint by running along the beach. The police then charged the protesters and deployed tear gas.

May 28 07:54

Chris Martenson - Stock Market is Speculation-Invest In Real Stuff. You Can Look Stupid Now or Look Stupid Later

Resource analyst and futurist Chris Martenson thinks many people will be devastated when their paper wealth disappears in a coming market crash.

May 28 06:42

Another Ron Paul Victory : Arizona legalizes gold and silver as currency

There is a subtle ongoing realization that no matter what the pundits and politicians claim, there is no easy way out of this mess. The public’s confidence in central banking is clearly eroding, and hopefully, it will be enough to allow a new kind of financial freedom that hasn’t been seen in the United States’ economic system for over 100 years.

May 28 06:28

Will these 2 Forces Crush San Francisco’s Housing Bubble?

The signs and numbers are already lining up.

May 27 11:49

Auto Parts companies crashing? Impact S&P 500?

Auto parts companies have been the darling of wall street for years, gaining several hundred percent more than the S&P 500 since the 2009 lows. O

May 27 09:57

Junk Bonds Don’t Confirm Higher Highs

The SP500 has rebounded from the May 17 one-day panic to push to a higher high. But high-yield bond ETFs like HIO are not confirming that higher high, and that’s a problem.

May 27 09:00

Gary Cohn Relaunches War on Coal: Fuel from America’s Heartland ‘Doesn’t Make Much Sense Anymore’

Cohn’s comments against the coal industry come as he has attempted to steer President Trump in a direction against his campaign promise to remove the United States from the Paris Climate Accords

May 27 08:53

Mini Ice Age Food Price Rises, Crypto Currency Explodes as Global Economic Decline Begins

As the food costs for everyone on this planet continue to rise, the global economy will begin to unwind into something far greater than 2008. The collapse of fiat un-backed currency during this time will be replaced with digital currency during and after the grand solar minimum and effects that this event brings with it.

May 27 08:37

The Setup Is Almost Complete, Once The Fed Does This, The Collapse Is Imminent

If Canadian homeowners saw a 10% increase in mortgage payments 75% of those surveyed said it would be very difficult and many would not be able to pay. Sears says it had its first profit in 2 years, the only problem there was no profit.

May 27 07:08

BREAKING: Bitcoin is tumbling!

May 26 23:20

BITCOIN Can Be Manipulated (and here's how)

I am all for Bitcoin investment as long as there is a strategy. This video, while a little extreme and theatrical, shows the weak points in Bitcoin's design which could be (and are likely already being) exploited by the government and the institutional players. In short: Bitcoin can be easily smashed down at the push of a button.

Bitcoin price behaves like gold and silver should be behaving if not for the institutional manipulations via derivatives fraud. Since it is a virtual asset, my strategy is to buy, take modest profits, and convert to physical metals and other hard assets such as ammo and food (at the risk of sounding like a prepper).

Just like fiat, there's a good chance cryptocurrencies won't be worth much if the economy falls too hard. Then again, the government would probably confiscate and/or de-merchandise metals and inflate dollars, so an alternative strategy diversified with cryptos is a good idea.

-=Niko=-

May 26 18:34

Are Markets Blowing off the Fed?

A stock or bond market tantrum might stop the Fed in its tracks. But the opposite is happening.

May 26 15:33

Asteroid worth $10,000 quadrillion ‘could transform global economy’

NASA scientists are outdoing themselves yet again: by reworking the planned route for a robotic mission to a giant asteroid worth $10,000 quadrillion, they’ve managed to cut costs, launch sooner and arrive four years earlier than planned. Not bad.

May 26 13:25

World Stocks Hit Record After Fed Minutes, Oil Up As OPEC Meets

World stocks hit record highs on Thursday and the dollar dipped after the U.S. Federal Reserve signaled caution in raising interest rates, while oil prices rose in anticipation of top producers agreeing to extend output cuts for up to a year.

May 26 12:15

Are Credit Rating Agencies America’s Secret Fifth Column?

A “Fifth Column” is a group within a country at war who are sympathetic to or working for its enemies.

Even a full-blown war with North Korea or Russia could not inflict the damage done to this Country by Moody’s, Fitch and S&P. The rating agencies have declared war on the United States and the damage they are inflicting will eventually destroy this Country from within.

In 2008, the Country was brought to its knees with the eight trillion-dollar mortgage bond crisis. It again got a taste of what the rating agencies are capable of with the Detroit and Puerto Rico bankruptcies.

You see when a credit rating agency or a bank works on transactions worth hundreds of millions or billions, they deploy their best folks. The most experienced and educated investment bankers. This is also true of the Banks that knowingly sell these fraudulent investments to their unsuspecting clients.

May 26 12:14

State And Local Pension Plans Are Underfunded To The Point Of Becoming A Political And Governments Confronted With The Resulting Set Of Unpalatable Options, Are Surrendering Without Admitting It.

Doing the right thing is hard for both individuals and their governments. Name the goal – maintaining a healthy weight, paying off high-interest credit cards, keeping debt-to-GDP at reasonable levels, whatever – and with each missed deadline or broken promise success recedes further into the distance. And the temptation grows to just give up and pretend that the goal never really mattered.

May 26 10:51

Growing Poverty Fuels Europe’s Extremism

The rise of protest movements across Europe, with increasing support for extremist candidates and political parties, comes against the backdrop of a growing sense of insecurity for the middle and lower classes across the continent.

May 26 10:24

EU NIGHTMARE: Brussels could face another Dutch election as coalition talks crumble again

BRUSSELS could face the nightmare prospect of another Dutch general election after a second round of talks on forming a coalition government ended without agreement today.

Four of the country’s main parties, including prime minister Mark Rutte’s conservatives (VVD), agreed to break off the negotiations after no progress was made on key issues.

The Netherlands has now gone 70 days without a government since March’s crunch election, which provided the EU with temporary relief when the eurosceptic Geert Wilders failed to make significant gains.

Webmaster's Commentary: 

The problem with the way the EU is structured is that it was never engineered to be fully sustainable.

May 26 10:07

Over 100 Million Americans Are Dependent On The Federal Government: “We Are Going To Get To The Point Where It Is Going To Break”

Margaret Thatcher once said that the problem with socialism “is that eventually you run out of other people’s money”. As you will see below, the combined enrollment in America’s four largest safety net programs has reached a staggering 236 million. Of course that doesn’t mean that 236 million people are getting benefits from the government each month because there is overlap between the various programs. For example, many Americans that are on Medicaid are also on food stamps, and many Americans that are on Medicare are also on Social Security. But even accounting for that, most experts estimate that the number of Americans that are dependent on the federal government month after month is well over 100 million. And now that so many people are addicted to government handouts, can we ever return to a culture of independence and self-sufficiency?

May 26 09:52

Farmer faces $2.8 million fine after plowing field

A farmer faces trial in federal court this summer and a $2.8 million fine for failing to get a permit to plow his field and plant wheat in Tehama County.

A lawyer for Duarte Nursery said the case is important because it could set a precedent requiring other farmers to obtain costly, time-consuming permits just to plow their fields.

“The case is the first time that we’re aware of that says you need to get a (U.S. Army Corps of Engineers) permit to plow to grow crops,” said Anthony Francois, an attorney for the Pacific Legal Foundation.

“We’re not going to produce much food under those kinds of regulations,” he said.

May 26 09:49

And the best performing stock market in the world is...

Pop quiz: What country has the world’s best performing stock market?

It’s not the United States. Or Canada. Or China.

May 26 09:06

Trump Slams "Very Bad" Germans For Selling Millions Of Cars In US: "We Will Stop This"

A day after Trump stunned his fellow NATO leaders, shoving one of them out of the way for a photo-op and demanding that they "must do more" to offset defense costs which are mostly borne by the US, Trump lobbed another bomb at the European center-right consensus by renewing his attacks on the German auto industry during a closed door meeting with two high-ranking European Union officials, according to a report in German magazine Der Spiegel, that was picked up by Bloomberg and CNBC.

Citing unidentified attendees, Spiegel quoted Trump as saying that “the Germans are bad, very bad” and adding “look at the millions of cars that they sell in the U.S. Terrible. We’re going to stop that.” The comments were said to have been made during a closed-door meeting with the EU President Jean-Claude Juncker and the European Council President Donald Tusk, who reportedly both stood up for Germany, according to CNBC.

Webmaster's Commentary: 

Germany makes very good cars.

People want to buy very good cars.

That is how commerce is SUPPOSED to work, Don.

May 26 08:55

Catalonia Threatens Spain with “Financial Bloodbath”

Catalonia’s independence would set off Spain’s debt time-bomb.

May 26 08:26

Trump slams Germany's US trade surplus as 'bad'

During meetings with EU leaders, US President Donald Trump threatened to curb the sale of millions of German cars in the US. In comments leaked to German press he said Germany was acting in a bad way.

Webmaster's Commentary: 

Wow! So, making a good product that people want to buy, then selling it... is BAD?!?

May 26 08:23

Is Your Cost of Living Rising? Why the Elites Aren't Worried About Inflation

If you want to understand why we're fragmenting as a society, start by looking at the asymmetric burdens imposed by inflation.

In our household, we measure real-world inflation with the Burrito Index: How much has the cost of a regular burrito at our favorite taco truck gone up?

May 26 02:38

Rickards: ‘The time to prepare is now’

May 25 18:58

More Of The Public Is Waking Up To Precious Metals Investment

While the low paper gold and silver prices continue to frustrate some investors, I can tell you that my SRSrocco Report Google Analytics data suggests more of the public is waking up to PRECIOUS METALS INVESTMENT.

May 25 16:57

Bitcoin plummets nearly $400 just HOURS after Health Ranger warned of “catastrophic correction”

File this under the “I told you so” category: Earlier today, I posted a detailed mathematical analysis and warning that spoke of a “catastrophic collapse” that will occur in Bitcoin. I was immediately called an “idiot” by Bitcoin cultists who have become delusional in their faith that Bitcoin can only go up forever. Yet in less than two hours, Bitcoin crashed by almost $400, plummeting from almost $2750 to nearly $2350.

Meanwhile, Coinbase has become a total joke, seizing up private accounts and denying people access to their Bitcoins for days on end (possibly WEEKS, for all we know). The blockchain is being overrun with unprecedented trading volume, and the confirmation transaction premium keeps rising. It now costs an average of nearly $17 just to send any amount of Bitcoin to anyone, and many transactions are taking DAYS to get confirmed. In a panic selloff, it will easily cost you $100 just to sell any amount of Bitcoin.

May 25 15:13

US Pension Crisis Picking Up Full Speed

The Pension Crisis is serious and is the catalyst that will bring everything down. Nearly 600 State & Local governments are now in the hole and has reached nearly $1.2 trillion of unfunded pension liabilities in FY 2014.

May 25 13:01

A “Weak”-Long Dead Cat Bounce In Stocks

May 25 12:33

Warning Signs Are Everywhere Even From The Central Banks

Small business is declining and it has been since that last 10-20 years. New home sales crashed and now existing home sales are crashing. The ECB is warning about home prices in the other countries.

May 25 12:06

Inflation Isn't Evenly Distributed: The Protected Are Fine, the Unprotected Are Impoverished Debt-Serfs

Welcome to debt-serfdom, the only possible output of the soaring cost of living for the unprotected many who are ruled by a hubris-soaked, subsidized Protected Elite.

May 25 11:11

List of 7 Troubles Assailing the US Economy as We Head into Summer

The following is not simply a list of negative risks to the economy but a list of of serious economic conditions that are already placing drought-like pressures on the overall economy. This list doesn’t include the long-term structural problems with the economy, such as its high debt burden, but just the forces that have risen against it this year.

May 25 11:00

Shareholder lawsuit: delightful weapon against drug companies

Clinical trials of new drugs seeking FDA approval go through four phases. The lawsuit states that phase 2 produced no encouraging results, violated standard protocol (there was no control group), and yet the company hyped the outcome of phase 2, and launched phase 3 only a few months after starting phase 2. Phase 3 shouldn’t have been initiated at all.

Owing to the company’s PR machine, shareholders were encouraged, but when phase 3 turned out to be a bust, the company’s stock price collapsed—thus punishing those shareholders.

Not only that, the lawsuit charges, but during the PR hype about the drug’s promising outlook, some execs of the company actually sold their own personal shares—1,154,161 shares worth $39.9 million—turning a very nice profit for themselves, before the stock price crashed.

May 25 10:18

U.S. Trade Representative Seeks to Expand and Empower NAFTA

Americans, beware — globalists in Congress and burrowed inside the Trump administration are plotting to double down on the economy-crushing, sovereignty-stealing North American Free Trade Agreement (NAFTA). At least, that is their plan, if they think Trump and the American people will let them get away with it.

May 25 10:17

Controlling SEPTA’s crowded commute

In late March 2017, SEPTA awarded Chinese rail car manufacturer CRRC MA (formed in mid-2015 from a merger of two Chinese corporations) a contract to build new multi-level push-pull passenger cars for SEPTA that will add about 6,000 seats to the railroad. The company recently built a plant in Springfield, Massachusetts, where these new multi-levels will mostly be produced.

It is likely they will be put to work on SEPTA’s longer routes, as these multi-levels are push-pull cars meaning they lack a motor. That still will do well systemwide; it will make more shorter electric multiple unit (EMU) trains available for the shorter lines. The new cars are expected to enter service in 2019.

Webmaster's Commentary: 

China is making railroad cars for the US. Have we forgotten how to do that as well?

May 25 10:01

Why Does the Chicago Public School System Have $9 Billion in Debt With Only 381,000 Students ?

Chicago Public Schools will look to borrow $900 million in the coming weeks — adding to the district’s $9 billion debt — but it remains unclear if anyone will actually give them all the money.

The loans are $500 million more than what Mayor Rahm Emanuel’s office announced last week when a financial rescue plan was outlined. That’s because the district is looking for loans not only to get through this school year, but also to start off next year with a financial cushion.

District officials told board members Wednesday that the district would likely “just run out of money” if it didn’t take out these loans.

May 25 10:00

White House defends Trump budget plan against Dem attacks

The White House on Tuesday vigorously defended President Trump’s $4.1 trillion budget proposal that would cut entitlements and other domestic programs while boosting military and border security spending, saying the plan represents Trump’s campaign promises “put on paper.”

“There’s not a single thing [cut] from Social Security or Medicare,” White House budget Director Mick Mulvaney stressed. “Why? Because that’s what he promised.”

May 25 09:50

Ex PM / ex central banker of #Greece/ ex VP of #ECB Papademos with abdomen injuries after opening bomb letter inside his car

May 25 08:40

China says new Silk Road not about military ambitions

China's ambition to build a new Silk Road is not about seeking to expand its military role abroad nor about seeking to set up foreign bases, the Defense Ministry said Thursday.

The new Silk Road, formally known as the Belt and Road initiative in China, is President Xi Jinping's signature policy to expand links between Asia, Africa and Europe underpinned by billions of dollars in infrastructure investment.

At a summit in Beijing this month, Xi pledged $124 billion for the plan, promising to forge a path of peace, inclusiveness and free trade.

May 25 08:40

Mile Markers on the Road to Ruin

We know much is currently wrong with our financial world, as discussed in the James Rickards book “The Road to Ruin” and elsewhere.

The official U.S. government debt is nearly $20 trillion. Unfunded liabilities are 5 – 10 times larger. Debt has doubled every 8 – 9 years for decades – since the Federal Reserve was put in charge of devaluing the dollar. Debt will continue to grow, obviously out of control.
Millions of Americans are out of work, regardless of the official statistics.
Prices increase, some rapidly, regardless of the official statistics on consumer price inflation.
More government spending and debt are looming on the horizon. New and escalating wars are likely. Expect more deficits, debt, and inflation.
The U.S. stock market is selling at all-time highs, levitated by “easy money” and unsupported by fundamentals or breadth.

May 25 08:23

PM Modi's Demonetisation move gave Rs 5 lakh crore advantage to Indian economy: Report

Prime Minister Narendra Modi on November 8 last year had announced demonetisation of Rs 1,000 and Rs 500 notes in a major assault on black money, fake currency and corruption.
A high-level internal assessment report of the government on the drive has found that the demonetisation move has given the economy a Rs 5 lakh-crore advantage, an India Today report said.

May 25 07:24

Bitcoin Explodes, Trades Above $4,000 In South Korea

In recent weeks it has been Japanese demand (and notable premia) that has driven the exponential rise in Bitcoin, but recently, as CoinTelegraph reports, it has been South Korea. Overenight saw Bitcoin prices explode once again, smashing through $2500, $2600, and $2700 for the first time...

May 25 07:22

SORDID SAUDI SIGNALS

The USMilitary-industrial complex has come to the rescue of USEconomy with the massive arms sale to the world's biggest purchaser of weapons, namely Saudi Arabia. Beyond the glitz and royal pageantry, President Trump's visit to Saudi Arabia in all likelihood had a main purpose to sell weapons, and to complete a gigantic $350 billion over the next decade. It will have weapon orders filled over time.

May 25 07:18

Catalonia Threatens Spain With "Financial Bloodbath"

Catalonia’s independence would set off Spain’s debt time-bomb... It would mean the loss of 25-30% of Spain’s gross domestic product (GDP), says Spain’s Minister of the Economy, Luis de Guindos. And that’s something the government “will never let happen.”

May 25 07:11

DO THE MATH: Here’s the rational analysis why 99% of current Bitcoin owners will never be able to sell Bitcoins for anything close to its imagined current value

The very fact that Bitcoin needs new people buying into the system in order to support its rapidly advancing prices is almost the classic definition of a Ponzi framework. The simultaneous fact that even very tiny selloffs cause the price of Bitcoin to substantially nosedive means that very few people can “get out” of Bitcoin at anywhere near the current high price. Imagine a rave club filled to maximum capacity with all exit doors blocked except one. Then imagine an electrical fire setting off a massive blaze, as recently happened in California. In such scenarios, not everybody gets out alive for the simple reason that the exits become choke points. Bitcoin suffers the same structural problem, but almost nobody realizes it yet because they are caught up in the Bitcoin hype that causes them to irrationally believe that Bitcoin can never go down. It’s the dot-com bubble all over again, for a whole new generation.

May 25 06:42

Handout Nation: Combined Enrollment In America’s 4 Largest Safety Net Programs Hits A Record High Of 236 Million

Margaret Thatcher once said that the problem with socialism “is that eventually you run out of other people’s money”. As you will see below, the combined enrollment in America’s four largest safety net programs has reached a staggering 236 million.

May 25 05:58

Rob Kirby: Rise of Crypto Currency Means Rejection of US Dollar and Imminent Crash

Former White House Budget Director David Stockman thinks a big financial crash will happen this fall. What does macroeconomic analyst Rob Kirby think? Kirby says, “Pay attention to the rapid ascent in the crypto currencies . . .

May 24 18:09

Will Labor Shortage Kill Housing Boom?

May 24 15:52

Real estate CEO steals $1.6million from his own company to fund cocaine-fueled nights at strip clubs and family trips to Broadway shows

A former New York executive has admitted to stealing $1.6million from his real estate company to pay for cocaine binges and trips to strip clubs where he spent more than $16,000.

Rockie Gajwani, the former CEO of New York-based Trevi Retail, pleaded guilty to one count of wire fraud and three counts of tax evasion in Manhattan federal court on Tuesday.

Officials said that Gajwani funded nonbusiness expenses, including cocaine-fueled trips to strip clubs, with checks he wrote himself money wired from company funds.

He was arrested in 2016 after being accused of stealing as much as $2.4million from the real estate company he headed until 2013, according to theNew York Post.

Webmaster's Commentary: 

While we are on the subject of corrupt money-junkies...

May 24 15:20

How To Live in Peace — Walter Williams on the free market instead of gov’t.

Millions of people love Apple computers and wouldn’t be caught using a PC. By contrast, there are many millions of PC users who feel the same way about Apple computers. Many men like double-breasted suits, but I wouldn’t be caught dead in one. Some people swear by Cadillac cars, but my favorite is Mercedes-Benz. -- Despite these strongly held preferences, there’s no conflict. We never see Apple computer lovers picketing firms that serve PC lovers. Mercedes-Benz lovers don’t battle Cadillac lovers. In free markets, people with strong differences in preferences get along and often are good friends. The reason is simple. If you like double-breasted suits and I like single-breasted suits, we get what we want.

May 24 14:23

King Dollar; Breaking key support levels

May 24 13:28

We Are Now Witnessing The Total Break Down Of The System

UK's consumers are tapped out and the retail industry was just hit and the entire market is now slowing. The EU will not let the UK exit they want 112 Billion Euros to leave. Greek bailout is not working out, Greece is now back in a recession, which they never really left.

May 24 12:07

"This Is Probably Just The Beginning" - Chinese Banks Are In Big Trouble

That's not supposed to happen...

With the crackdown on financial system leverage underway, Chinese banks (and securities firms) are in big trouble. As we noted previously, China's bond curve is inverted, yields are surging, and Chinese regulatory decisions shutting down various shadow-banking pipelines has crushed securities firms' stocks. However, as Bloomberg points out, as China’s deleveraging efforts cut into banks’ profit margins, rising base funding costs and interbank credit risk concerns have pushed banks' cost of borrowing beyond the rate they charge customers for loans for the first time in history.

May 24 12:07

Moody’s downgrades China rating to A1 from Aa3, citing concerns over a slowing economy and growing debt

Moody's Investors Service on Wednesday downgraded China's credit rating to A1 from Aa3, changing its outlook to stable from negative, citing concerns efforts to support growth will spur debt growth across the economy.

May 24 11:45

Isles rank second across the nation in consumer debt

Hawaii’s high cost of living has given residents the dubious honor of having the second-highest consumer debt per person in the nation.

May 24 10:28

Marks & Spencer pre-tax profits tumble 64pc

May 24 10:28

NO DEAL: Greece default looms as Eurozone and IMF clash over debt measures

EUROZONE countries are at loggerheads with the International Monetary Fund (IMF) over Greece's debt programme, as time runs out to stop Athens crashing into bankruptcy and out of the bloc.

May 24 10:20

UN Chief: Climate-Aware Businesses Will Dominate Tomorrow’s Economy

(don't be fooled - The REAL definition of Global Warming:
Vladimir Lenin said, “A lie told often enough becomes the truth.” Hitler followed suit: “If you tell a big enough lie and tell it frequently enough, it will be believed.” The world has believed the UN’s lies now accepts them as truth. This is the grand Technocrat delusion. ? TN Editor
-------------------
Antonio Guterres, who took over the reins from Ban Ki-Moon at the start of the year, described climate change as the “defining element of our time”. In an interview with Channel 4 news this week, the former Portuguese Prime Minister warned the world could ill-afford to waste any more time on reversing the impacts of global warming.

“Climate change is, to an extent, the defining element of our time,” he said. “These are critical moments. We know that either we act now or we will create irreversible damage to our planet that will make our grandchildren suffer a lot.”

May 24 10:19

Bitcoin 101 with Sarah Wiesner

Interest in bitcoin is growing. One reason is the price. Bitcoin prices are rising, with market capitalization approaching approximately $25 billion – almost five times greater than the market cap of the next largest cryptocurrency.

May 24 10:14

Bitcoin Explodes Above $2400 After China Downgrade, Scaling Agreement Reached

Following comments from DoubleLine's Jeff Gundlach tieing the surge in virtual currencies to the demise of China (right before that nation is downgraded), Bitcoin surged overnight, breaking above $2400 for the first time. It is now up over 150% year-to-date.

May 24 10:06

MEPs Slam German Finance Minister Over 'Stubborn Austerity Obsession' on Greece

MEPs in the European Parliament have hit out at Germany's finance minister saying "Greece has been destroyed by dogmatic cuts while it continues to suffer under its debt burden cannot recover" and slamming the "the stubborn austerity obsession of the German Finance Minister."

May 24 10:06

Trump’s Budget Slashes $3.6 Trillion From Domestic Programs Over 10 Years

The Trump administration’s $4.1 billion budget proposal calls for increased spending on law enforcement, the military and the US-Mexico wall, but cuts spending for programs for the poor by slashing funding for Medicaid and cutting food stamps.

May 24 08:02

Central Banks Developing ONE WORLD CURRENCY to Replace the U.S. Dollar!

The global bankers want to create an international monetary standard to replace the U.S. dollar. Perhaps the IMF will be their choice. They already have an SDR, why not just make that the international standard and forego all rules put in place by governments? Just accept whatever the supranational entities tell us.

May 24 07:40

Ron Paul Exposes The Presidential Budget Charade

Presidential budgets are pure hocus-pocus.

May 24 07:37

Trump Backs Sunni Radical Islam over Moderate Shi’ism

President Donald Trump signaled to the nations of the Middle East and Muslim world that he strongly backs radical Sunni Islam, mostly embodied by Saudi Arabia’s brand of Wahhabism, over the emerging moderate Shi’ism on display in Iran. Trump’s first visit to another country as president was Saudi Arabia. Trump was also the only president to make Saudi Arabia his first stop after taking office. The decision to honor Saudi Arabia with such U.S. presidential protocol was a calculated one.

May 24 07:33

The Republic Has Fallen: The Deep State’s Plot to Take Over America Has Succeeded

No doubt about it.The coup d’etat has been successful.
The Deep State—a.k.a. the police state a.k.a. the military industrial complex—has taken over.
The American system of representative government has been overthrown by a profit-driven, militaristic corporate state bent on total control and global domination through the imposition of martial law here at home and by fomenting wars abroad.

When in doubt, follow the money trail.

Enter Donald Trump, the candidate who swore to drain the swamp in Washington DC.

Instead of putting an end to the corruption, however, Trump has paved the way for lobbyists, corporations, the military industrial complex, and the Deep State to feast on the carcass of the dying American republic.

May 24 07:03

The only retail stocks to own during the ‘apocalypse’

Bodies are stacking up in the retail sector.

Regular readers know what I’m talking about. As I explained on Friday, 14 retailers have already gone bankrupt this year. That’s the most retail bankruptcies ever at this time of the year.

This bankruptcy wave is showing no signs of rolling over, either.

May 23 19:49

Will Quant Funds Trigger the Next Stock Market Crash?

Having surged for years, quant hedge funds dominate stock trading.

May 23 18:42

EU in turmoil as members turn on each other in vicious scrap for UK's lucrative euro trade

BRUSSELS has become blighted by infighting between its three biggest member states as an increasingly bitter battle to secure a slice of Britain’s lucrative financial services sector heats up.

Germany, France and Italy have got the knives out in a vicious scrap to secure control over the multi-trillion pound euro clearing industry after the UK leaves the EU.

Currently the City of London acts as the main clearing base for transactions carried out using the single currency, an industry estimated to be worth £736 billion a day.

May 23 18:22

The Two Factors That Influence Gold Prices

Here’s two of the most intuitive factors: Supply and demand as well as inflation.

It may be an oft-overlooked point, but simple supply-and-demand economics can influence physical gold prices as well.

May 23 18:21

Economy Is Collapsing - Stand Up And Fight

May 23 17:43

They Are Killing Small Business: The Number Of Self-Employed Americans Is Lower Than It Was In 1990

After eight long, bitter years under Obama, will things go better for entrepreneurs and small businesses now that Donald Trump is in the White House? Once upon a time, America was the best place in the world for those that wanted to work for themselves.

May 23 15:54

Trump Calls For $1.7 Trillion In Social Cuts

The Trump administration will unveil a fiscal year 2018 budget today that includes $1.7 trillion in cuts to major social programs. The plan marks a new stage in a bipartisan social counterrevolution aimed at eviscerating what remains of programs to fight poverty and hunger and provide health care for millions of workers.

May 23 15:39

Robots could wipe out another 6 million retail jobs

Robots have already cost millions of factory jobs across the nation. Next up could be jobs at your local stores.

Between 6 million to 7.5 million existing jobs are at risk of being replaced over the course of the next 10 years by some form of automation, according to a new study this week from by financial services firm Cornerstone Capital Group.

That represents at least 38% of the current retail work force, which consists of 16 million workers. Retail could actually lose a greater proportion of jobs to automation than manufacturing has, according to the study.

May 23 11:18

Greek Debt Relief Deal Fails In Last Minute, As Germany, IMF Clash Again

Stop us if you've heard this story before.

Insolvent Greece, having last week voted itself into even more austerity in hopes of unlocking some of the money promised it by Brussels so it can then use it to repay debt maturities owed to the ECB (whether it will actually follow through with said austerity measures remains unclear, though most likely not), is dragged to the finish line of yet another Euro finance minister negotiating session with promises that this time a debt relief deal is virtually guaranteed, and then... it all falls apart.

That's what again happened today, when Euro-area finance ministers gathered in Brussels with hopes, at least for the Greek delegation, to come home with a signed agreement, only to fail to break the impasse on debt relief for Greece, delaying the conclusion of the country’s bailout review and the disbursement of fresh loans needed to repay obligations in July.

May 23 11:16

Ponzi Scheme: What The Chicago Teachers' Pension Would Be Called If It Were A Hedge Fund

A long, long time ago, back in 2008 when most of today's hedge fund analysts were still stressing over what to wear to prom, a man named Bernard Madoff was arrested for bilking unsuspecting investors out of $65 billion. Madoff ran what is traditionally referred to as a ponzi scheme in which new investments were solicited as a means to fund massive redemptions that otherwise would have resulted in a collapse of his fund long before the FBI finally caught up with his scheme.

But, Madoff was eventually caught and in 2009 he was sentenced to 150 years in prison for his scheme.

Ironically, many of our states and cities today are running very similar ponzi schemes (aka "massively underfunded pension funds"), using taxpayer money nonetheless, but it's completely legal and not many people seem to notice and/or care.

May 23 10:39

THE PRICE OF HELLFIRE MISSILES: EVERYTHING AMERICANS COULD BUY AT THE COST OF A DRONE STRIKE

As Donald Trump’s plan to Make America Great Again unfolds, there is at least one thing he will not need to worry about because the United States is already greatest at it — spending the most money to kill people. With US defense spending being more than the next 7 countries combined, none of our competitors will be catching up to us anytime soon. In this case, the greatness of the US is beyond question and it comes at a cost — but that is the price we pay for our freedom. And no one can put a price on freedom. But have any of you wondered — if you could put a price on freedom — what its cost would be? Or, in other words — how great exactly is the price of things like Hellfire missiles?

THE COSTS OF FREEDOM:
WHAT ELSE CAN WE BUY AT THE PRICE OF A HELLFIRE MISSILE?

Webmaster's Commentary: 

It is amazing to me that Americans vote, and continue to vote, but absolutely nothing changes; the American Deep State's war agenda continues apace, with more military interventions through which foreign resources are expropriated, to which this country and its corporate minions have utterly no moral right; regimes are toppled and changed to insure that they are Western-centric (at least, nominally); those resources are only sold in US dollars; and countries get balkanized, and left in chaos and ruins, in order to insure that they will never again be an "existential threat" to the United States, militarily or economically.

If you want want an example of this, writ large, just please remember what happened to Libya's Qaddafi, when he was about to announce that his country's oil was going to be sold in a national Libyan currency, the gold dinar, rather than US dollars; his country got invaded, and he got assassinated.

No one wants to talk about this, but at this point in this country's history, it appears that citizens of this country are absolutely not in any degree of control over it, whatsoever.

Yes, we have these elaborate, Kabuki-drama style national, and state, elections; but at the end of the day, it is the corporations which buy candidates to craft legislation to their liking, and the Deep American State, which are in control.

The country I thought I knew, no longer exists, outside of a complete fantasy construct; and I feel like an alien in my own land.

My eyes wide open to the brutal reality I see, where the most fragile in our society are simply abandoned, and am anticipating a very terrifying, martial future in the days and years to come.

May 23 10:21

Trump’s Budget Cuts Deeply Into Medicaid and Anti-Poverty Efforts

President Trump plans to unveil on Tuesday a $4.1 trillion budget for 2018 that would cut deeply into programs for the poor, from health care and food stamps to student loans and disability payments, laying out an austere vision for reordering the nation’s priorities.

May 23 10:08

Arizona Ends Income Taxation On Gold And Silver Coins

By Jp Cortez

Sound money advocates rejoiced today as Arizona Governor Doug Ducey signed House Bill 2014 into law last night. The measure, which passed in the Arizona state Senate on May 10th by a margin of 16-13, removes all income taxation of precious metals coins at the state level...

May 23 09:41

EU SUPERSTATE: Brussels 'to force EVERY member state to adopt euro by 2025'

Nine of the 28 member state in the EU are currently not part of the single currency.

The UK and Denmark are exempt, but the remaining seven nations all agreed to adopt the euro when they joined the bloc.

And now the European Commission has now demanded they them all start using the crisis-hit currency within eight years, according to insiders.

May 23 09:23

Foodora and Deliveroo couriers protest working conditions in Berlin

About 40 to 50 bike couriers met in the hip Kreuzberg district of Berlin on Thursday afternoon to protest for better pay and conditions.

“I’m here for solidarity with my colleagues,” explains Deliveroo courier Javier Mardones, 32, originally from Chile.

“Slowly the conditions are getting worse. They pay you one euro less every month, or they make you wear a uniform when they didn’t before. They just don’t seem to consider out situations.”

The union FAU has been slowly organizing food couriers to collectively fight for demands such as earning one euro more per delivery or hour (depending on employment structure), and having an additional paid hour per week to plan their shifts. The group also want more transparency about working hours, and a guarantee that each biker receives enough hours to make a living.

May 23 09:21

EU Presidency Holder Malta Exposed as 'Pirate Base' for Global Tax Avoiders

New evidence from the European Investigative Collaborations has exposed the fact that Malta is actively marketing itself as a pirate base for tax avoidance inside the EU, welcoming large companies and wealthy private clients who try to dodge taxes in their home countries.

May 23 09:13

THE PRICE OF HELLFIRE MISSILES: EVERYTHING AMERICANS COULD BUY AT THE COST OF A DRONE STRIKE

As Donald Trump’s plan to Make America Great Again unfolds, there is at least one thing he will not need to worry about because the United States is already greatest at it — spending the most money to kill people. With US defense spending being more than the next 7 countries combined, none of our competitors will be catching up to us anytime soon. In this case, the greatness of the US is beyond question and it comes at a cost — but that is the price we pay for our freedom. And no one can put a price on freedom. But have any of you wondered — if you could put a price on freedom — what its cost would be? Or, in other words — how great exactly is the price of things like Hellfire missiles?

May 23 08:48

The City Of Baltimore Is Utterly Collapsing

May 23 06:54

Trump's Budget Will Slash $1.7 Trillion In Entitlements, Cut Food Stamps By 25%

Here are some of the highlights from the latest batch of trial balloons:

The budget will slash $1.7 trillion in spending on entitlement programs, according to Bloomberg.
Trump’s budget will include a massive nearly $200 billion cut to the Supplemental Nutrition Assistance Program, the modern version of food stamps, over the next 10 years – what amounts to a 25% reduction, according to The Washington Post.
The food stamp cuts are part of a broader $274 billion welfare-reform effort, according to a report by The Associated Press.
The budget calls for about $800 billion in cuts to Medicaid for fiscal year 2018, WaPo reported.
The budget also calls for $2.6 billion in border security spending, $1.6 billion of which will be earmarked for Trump’s proposed wall along the U.S.’s southern border.

May 23 02:55

Over The Last 10 Years The U.S. Economy Has Grown At EXACTLY The Same Rate As It Did During The 1930s

Even though I write about our ongoing long-term economic collapse every day, I didn’t realize that things were this bad. In this article, I am going to show you that the average rate of growth for the U.S. economy over the past 10 years is exactly equal to the average rate that the U.S. economy grew during the 1930s.

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