ECONOMY | WHAT REALLY HAPPENED

ECONOMY

Jul 26 18:05

“Unprecedented, Wasteful, and Obscene”: House Approves $1.48 Trillion Pentagon Budget

By Jake Johnson

In a bipartisan deal that one anti-war critic said demonstrates how thoroughly “broken and captured Washington is by the Pentagon,” 219 House Democrats and 65 Republicans on Thursday voted to approve a budget agreement that includes $1.48 trillion in military spending over the next two years...

Jul 26 11:16

"Credit Card Splurge" Suggests Imminent Storm

Jul 26 09:58

Stocks No Bid – Gold No Offer

Jul 26 09:28

Is a Bad Moon Rising for the Stock Market?

Jul 26 09:26

The $6 Trillion Pension Bailout Is Coming

Jul 26 08:41

Texas Power Company Admits to Regularly Overcharging Customers Because of “Smart” Technology Data Collection Errors

By B.N. Frank

Original utility analog meters lasted on average 40 years. Not “Smart” Meters and their grids. They have SO many issues associated with them including data collection errors. This often lead to customers paying higher bills. Another example of this was recently reported in Texas...

Jul 26 08:39

The Pension Fund Apocalypse

By Colin Lloyd

Today most developed countries are grappling with the demographic challenges of an aging population and low fertility rates. Pensioners are living longer, and the working-age population is shrinking. For governments that provide public pensions, this is a near and present danger, since they pay their pension obligations from current tax receipts. The shortfall between tax receipts and public pension obligations will continue to rise...

Jul 26 08:29

Is the U.S. Debt Bubble Going to Burst?

Jul 26 08:26

How Government Agencies Make Criminals of Crypto Traders

By Graham Smith

A New Jersey man has been indicted this week for converting over $2 million to bitcoin and operating a private exchange business not registered with the U.S. Secretary of the Treasury. According to a July 24 press release by the U.S. Attorney’s office, 46-year-old William Green could face up to five years in prison and a $250,000 fine if convicted. Green isn’t alone. With tighter and tighter crypto regulations being imposed worldwide, entrepreneurs, small startups, and even unsuspecting hobbyists are being indicted and threatened by the “crypto cop” dragnet...

Jul 26 07:25

Recent Bull Market Bypasses Retirees

Jul 25 20:13

‘Bull Markets Die On Euphoria’

Jul 25 17:50

The Minimum Wage Is a Complex Issue. We Should Treat It as Such

By Trace Mitchell

Last week the House passed a bill that would increase the federal minimum wage to $15 an hour over the next five years. Proponents say it will put more money in the pockets of working-class people. Others worry that it will lead to a reduction in the number of jobs available to entry-level workers.

A recent report issued by the CBO found that increasing the federal minimum wage to $15 an hour would likely raise wages for 27 million people, but it is also likely to cost 1.3 million their jobs. However, before we place too much confidence in these predictions, we should recognize that labor markets and individuals are extremely complex. The more significant and comprehensive a policy change is, the less we are able to predict the real impact it will have...

Jul 25 17:38

The $6 Trillion Pension Bailout Is Coming

Who would loan money to an insolvent pension fund? Oh, that would be you, the taxpayer. In other words, the Government wants you to bail out your own retirement fund... Genius. But it’s going to get far worse...

Jul 25 17:18

Venezuelan Government Accused of Using Bitcoin to Bypass US Sanctions

By Jamie Redman

Nicolás Maduro and the United Socialist Party of Venezuela have been accused of circumventing financial blockades imposed by the U.S. government. According to local reports, Maduro’s regime evades sanctions with cryptocurrency alongside an airline application called Jetman Pay. Allegedly, Jetman Pay collects airline taxes from travelers who purchase tickets from Maiquetía International Airport and the Venezuelan government agency Sunacrip converts the tax money into BTC and sends the funds to regime accounts in Russia, China, and Bulgaria...

Jul 25 11:25

Nissan to cut 12,500 jobs worldwide

Japanese car giant Nissan has said it will cut 12,500 jobs around the world, more than double the amount previously announced.

It will reduce its production capacity and the number of models it produces by 10% by the end of 2022, but it did not say where the cuts will fall.

It comes as the firm tries to shore up its finances amid weakening sales.

Jul 25 11:23

Boeing's 737 Max woes trigger BEEELLIONS in losses – and that's just for the latest quarter

American aeroplane maker Boeing has swung to a $3.38bn loss from operations in its latest quarterly financial results following well-publicised woes over the 737 Max crashes and software failure.

Revenues for calendar Q2 ended 30 June of $15.75bn were way, way down on the $24.25bn reported a year ago. This included $13.09bn of product sales, down 39.2 per cent, and services of $2.657bn versus $2.69bn a year ago.

Jul 25 11:20

Tesla’s still losing money despite a record quarter for deliveries

Tesla made and delivered more cars in the second quarter of 2019 than it did in any other quarter in company history, but still lost $408 million, according to a new filing with the Securities and Exchange Commission. That’s an improvement over the unexpectedly big $702 million loss Tesla posted in the first quarter of 2019, but it means the Model 3 is still not successful enough to lift the company out of the red for good.

Tesla also announced that longtime chief technology officer JB Straubel is stepping down after serving in the role for some 15 years.

Jul 25 09:54

Job Losses Hit As Shale Slows Down

Jul 25 08:49

Are We in Recession Yet?

Jul 25 08:11

Want to Fix Health Insurance? Start With the Tax Code

By Ethan Lamb

In March, President Trump tweeted, “The Republican Party will become ‘the party of healthcare!’”

Given the GOP’s inability to deliver on that promise over the better part of the past decade, many have remained despondent. After all, health care policy may be the one area where such disparate visions would make any attempt at compromise futile and, perhaps, even counterproductive. But underneath the tribalistic bullheadedness and partisan signaling lies a common enemy: employer-sponsored health insurance...

Jul 25 06:52

Russia Urges "Independence" From "Imposed World Order" Of US Financial System

Following Russia signalling last week, its willingness to join the controversial payments channel Instex - designed to circumvent both SWIFT as well as US sanctions banning trade with Iran - new statements from Russian Deputy Foreign Minister Sergei Ryabkov called on the international community to free itself from a purely US-controlled international financial system and US dollar dominance.

"We must protect ourselves from political abuses made with the help of the US dollar and the American banking system," he said while addressing a ministerial meeting of the Non-Aligned Movement held in Venezuela, according to TASS. "We must turn our dependence in this sphere into independence," he added.

"Let us be multipolar in the spheres of finance and currency," he said.

Jul 25 06:38

US Air Force Has Withheld $360M — and Counting — For Boeing’s Tanker Woes

The U.S. Air Force has withheld $360 million from Boeing due to problems with the company’s KC-46 tanker, according to a service official. It’s the first time the Air Force has disclosed the total amount being held back until Boeing fixes various problems with the planes.

Service officials previously said they could withhold up to $28 million per plane, roughly 20 percent of its delivery cost. Wednesday’s disclosure shows that the Air Force is following through with that pledge. To date, Boeing has delivered 13 tankers to the Air Force, meaning the firm has been shorted nearly $27.7 million per plane.

Jul 24 19:36

Rickards Warns: Robo-Trading Will End In Disaster

"Stocks will go straight down with no bid. The market crash will be like a runaway train with no brakes. "

Jul 24 19:34

"Cracks Are Showing": CAT Shares Slump On Lower Earnings Guidance, Retail Sales Miss

It's the latest sign that the blowback from the trade war might be worse than expected....

Jul 24 16:47

A 'tsunami of poverty' is coming for retirees

Jul 24 15:51

CEO Offers to Pay School Lunch Debt So Parents Won’t Have Kids Stolen by CPS, Gov’t Won’t Let Him

By Matt Agorist

Luzerne County, PA — As TFTP reported this week, Wyoming Valley West School District parents, whose school lunch accounts were delinquent, received a disturbing letter threatening to have their children kidnapped by Child and Youth Services if they don’t pay their past due balances. The letter garnered national attention and drew the ire of many, including a millionaire CEO who offered to pay these past due balances. In an infuriating move, however, the school board rejected his offer and is opting for stealing the kids instead...

Jul 24 13:35

LEAKED PAPER: EU Online Crackdown Even WORSE Than We Thought

By Corbett Report Extras

Writer and journalist Glyn Moody joins us today to discuss his recent TechDirt article, “EU Looking To Regulate Everything Online, And To Make Sites Proactively Remove Material.”

We discuss the recently-passed EU copyright directive, including the imposition of upload filters, and the recently-leaked working paper on the EU Digital Services Act.

We also remember some of the successes that protesters have had in the wake of internet-killing copyright legislation in the past.

Jul 24 12:06

Is This the Reason the Fed is Freaking Out?

Jul 24 11:35

JPMorgan: We Believe The Dollar Could Lose Its Status As World's Reserve Currency

Almost eight year ago, we first presented a chart first created by JPMorgan's Michael Cembalest, which showed very simply and vividly that reserve currencies don't last forever, and that in the not too distant future, the US Dollar would also lose its status as the world's most important currency, since it is never different this time.

Jul 24 11:31

EU to Hit US With 35 Billion-Euro Duties If US Tariffs Cars, Says Trade Chief

Since the election of Donald Trump in 2016, the US government has followed a policy of attempting to reverse the alleged disproportionate levels of trade towards partners such as China, Japan, and the European Union.

The European Union has revealed its counter-plan to potential tariffs on EU cars put up by the United States; an imposition of extra duties of up to 35 billion euros ($39.1 billion) worth of US goods.

European Trade Commissioner Cecilia Malmstrom told a committee of the European Parliament on Tuesday that “we will not accept any managed trade, quotas or voluntary export restraints and, if there were to be tariffs, we would have a rebalancing list.”

Jul 24 10:56

Silver Prices At 1 Year High Over $16.50 Per Ounce

Silver rose again yesterday, its 7th gain in 8 sessions, which saw the September contract gain another 6.5 cents, or 0.4%, to settle at $16.48 an ounce which is its highest settlement since mid-June, 2018.

There has been a huge increase in demand for silver which is seen in the growth in silver holdings globally – in Silver ETFs and particularly on the COMEX.

Silver remains undervalued relative to gold and most assets and the relative strength in silver will likely continue as silver buyers accumulate physical silver.

Jul 24 09:50

New Arkansas Law Ends Civil Asset Forfeiture

By Michael Maharrey

Today, a bill that reforms Arkansas’ asset forfeiture laws to prohibit the state from taking a person’s property without a criminal conviction in most situations went into effect. Arkansas has already taken a step to shut a loophole that would allow state and local police to circumvent the more stringent state asset forfeiture process by passing cases off to the feds...

Jul 24 09:47

JP Morgan says dump US dollar as its century of global dominance coming to end

The US dollar will struggle to remain the top international currency in the coming decades as the rising power of Asian economies is set to undermine its leading position, Wall Street bank JPMorgan Chase has predicted.

Jul 24 09:28

Home Equity Theft: How a Man’s Home Was Seized Over $8.41 in Unpaid Taxes

By Brittany Hunter

While he had paid his 2012 and 2013 property taxes in full, he discovered that he had accidentally underpaid in 2011. When he made this realization and tried to correct his mistake in 2013, he forgot to account for the interest that had accrued on his back taxes. As a result, he underpaid by a measly $8.41. The county seized and sold his property...

Jul 24 09:26

Oakland's per-capita homeless rate is higher than San Francisco and Berkeley

Oakland has a homeless population of 4,071 people, according to data collected by Oakland and Alameda County officials.

Jul 24 09:14

US, EU and Japan Could Trigger “Cold Currency War” by Debasing Fiat

By Avi Mizrahi

The world’s major central banks are waging war to determine who can make their respective fiat currency weaker. With the likelihood of even more money printing and negative interest rates ahead, people need to be ready to see the value of their money evaporate and the price of everything else go up...

Jul 24 08:18

UBS CEO Warns of 'Dangerous' Bubbles

Jul 24 08:14

Financial Media Elite Defensively Bash “Useless” Gold

By Chris Powell

At least the Financial Times now has come clean about its hostility to gold – as well as to free markets and elementary journalism.

Gold Anti-Trust Action Committee (GATA) friend Chris Kniel of Orinda, California, sent to the newspaper’s chief economic columnist, Martin Wolf, the excellent summary of gold and silver market manipulation just written by gold researcher Ronan Manly.

Wolf replied derisively and dismissively: “This is a matter of absolutely no importance whatsoever. Who cares about the prices of useless metals?”...

Jul 24 07:58

Trump And Fed Showdown, Enjoy The Show

Jul 24 06:58

Why the Fed is Terrified of These Two Charts

Jul 23 19:41

Here’s a Phrase You’ll Never Hear Again in the USA

By Simon Black, Sovereign Man

"Gentlemen… the National Debt… is paid.”

That sentence has been uttered in Washington DC exactly one time ever, by a Senator announcing that the US government was officially debt free.

That was on January 8, 1835 when the debt that the United States government had accrued since its birth was finally paid off...

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