ECONOMY | WHAT REALLY HAPPENED


ECONOMY

Nov 07 19:08

HSBC bank confirms US data breach

HSBC has said some of its US customers' bank accounts were hacked in October.

The lender said that the perpetrators may have accessed information including account numbers and balances, statement and transaction histories and payee details, as well as users' names, addresses and dates of birth.

The BBC understands the firm believes that fewer than 1% of its American clients were affected.

It said it had already contacted those thought to have been exposed.

Nov 07 15:32

Are We Entering a Bear Market?

Nov 07 15:27

The Uncertainty Has Settled (Full film)

Globalisation and climate politics are causing radical changes such as farmers becoming energy suppliers. But the green ideology raises questions. The scientific topic of climate change has now become incontrovertibly a matter of world politics.

Nov 07 15:21

Trump allows Iran to continue selling oil to its 8 biggest customers

Iran's oil exports have fallen sharply since President Donald Trump said he would re-impose sanctions on Tehran earlier this year, but with waivers in hand, the Islamic republic's major buyers could scale up orders as soon as next month.

The original aim of the sanctions was to cut Iran's oil exports as much as possible, to quash its nuclear and ballistic missile programs, and curb its support for militant proxies, particularly in Syria, Yemen and Lebanon.

Nov 07 12:42

Former Deputy AG Joins Goldman Legal Team As 1MDB Criminal Charges Loom

With federal prosecutors finally handing down indictments in the long-running 1MDB probe, the Vampire Squid is lawyering up. And in typical Goldman fashion, the investment bank is hiring only the best, most politically-connected defense attorneys to join its legal team.

As the DOJ was preparing to file the first batch of federal charges against two former Goldman employees accused of conspiring to steal money and violate foreign anti-bribery laws, the investment bank retained Mark Filip, a prominent defense attorney and former deputy attorney general who was once the boss of the DOJ's head of criminal investigations. For those who are unfamiliar with the DOJ's depth chart, that's the division tasked with overseeing the case against the two former Goldman managing directors, a case that the bank warned could lead to criminal charges against senior employees, or maybe even the bank itself.

Nov 07 12:34

Dumping the dollar: Iran & South Korea agree cross-currency trade

South Korea and Iran have agreed to switch to national currencies in trade exchanges as the sides aim to strengthen relations despite the US sanctions on Tehran.

The agreement is of great importance to both countries, Yonhap News Agency reported, explaining that the deal indicated Korea’s concerns about relations with Iran.

Nov 07 12:33

SWIFT Caves To US Pressure, Defies EU By Cutting Off Iranian Banks

Shortly after Trump reimposed nuclear sanctions on Tehran on November 5, the international financial messaging system SWIFT announced the suspension of several Iranian banks from its service. “In keeping with our mission of supporting the resilience and integrity of the global financial system as a global and neutral service provider, SWIFT is suspending certain Iranian banks’ access to the messaging system,” SWIFT said.

The Belgium-based financial messaging service added:

“This step, while regrettable, has been taken in the interest of the stability and integrity of the wider global financial system.”

Nov 07 12:27

Bank of England Refusing Venezuelan Request to Return $550 Mln in Gold – Report

Earlier, Caracas indicated that it was looking to repatriate some 14 tons of gold bars back from the UK out of concern that the bullion may be affected by harsh US sanctions against the Latin American country.

The Bank of England is refusing to release Venezuela's gold bars, worth about $550 million or £420 million, back to Caracas, with British officials understood to have referred to "standard" anti-money laundering measures, The Times reports, citing unnamed sources.

Webmaster's Commentary: 

BULL BISCUITS!!!!!! The Bank of England simply does not have that gold to send back.

Nov 07 09:52

Michael’s Anticipated Contributions to Florida’s Existing Homeless Population

I could write a very long blog post about Florida’s ongoing economic problems. I lived quite a few years in that state[mostly in the Panhandle] and several others in the South. One thing is for sure, Florida began its multi-year economic decline shortly after the credit crisis in 2007. Ever since that time there’s been so many businesses which have laid people off or closed entirely over the last 11 or so years. This has resulted in so many people being thrown out of work. Many unemployed people in Florida have gone several years or more without working a real job...

Nov 07 05:54

The Retail Apocalypse Continues: Here Are the Lowe’s Stores Closing Soon

Approximately 50 Lowes stores are the next on the chopping block as the Retail Apocalypse continues. (But don't worry, the economy is doing GREAT!)

Is your local store on the list?

Nov 06 15:31

State Dept: US to Impose New Set of Sanctions Against Russia Over Skripal Attack

The United States intends to move forward with imposing additional sanctions against Russia for the attack against Russian double agent Sergei Skripal as required by law, State Department Spokesperson Heather Nauert told Sputnik on Tuesday.

"Today, the Department informed Congress we could not certify that the Russian Federation met the conditions required by the Chemical and Biological Weapons Control and Warfare Elimination Act of 1991," Nauert said. "We intend to proceed in accordance with the terms of the CBW Act, which directs the implementation of additional sanctions."

Nov 06 14:55

SHOCKING VIDEO...The Port of Los Angeles ... 'Third World' City'

What's Happening In California?

Nov 06 14:24

White South Africans barred from registering on government jobs website

A registration process on a government partnered youth employment initiative has appeared to exclude white South Africans, sparking criticism from the country’s trade union.
The YES (Youth Employment Service) government jobs website aims at helping unemployed young South Africans who have been jobless for longer than six months. The program is endorsed by the National Development Plan 2030, which intends to eliminate poverty and reduce inequality within the next 12 years.

The registration criteria on the site require the applicants to be black, in accordance with the BEE definition (Black Economic Empowerment), between the ages of 18 – 34, and South African citizens.

Black Economic Empowerment (BEE) is a racially selective program launched by the South African government to redress the inequalities of Apartheid by giving black South African citizens, whom they define to include black, coloured and Indian people, economic privileges not available to whites.

Webmaster's Commentary: 

South African citizens of European descent, should get out of the country while they still can. What is coming here, is the full Zimbabwification of South Africa, and all that this implies.

Nov 06 14:18

2019 to See a Rise in Gold and Silver Prices

Nov 06 13:28

Your Kid’s Vaccines May Actually be Making Them Sick…

Periodically injecting cocktails of toxic substances such as mercury, aluminum, live viruses, formaldehyde, chicken egg albumin, squalene, glutamate, DNA fragments, etc, into the muscles of unaware, innocent babies and adults puts them all at risk of being diagnosed with vaccine-induced brain disorders including, much later in life, Alzheimer’s disease. (The chronic use of neurotoxic prescription drugs [especially psychiatric drugs] is also a major risk factor for Alzheimer’s especially when vaccines are also periodically injected.)

One of the major problems with infant vaccines is that they are mandated (!) to be given to infants and young children in cocktails of hyperimmunity- and/or autoimmunity-inducing and potentially brain-damaging vaccines and brain-damaging prescription drugs.

Webmaster's Commentary: 

Money is demanded by the medical industrial complex, in terms of these vaccinations, then more money is demanded to "cure" you of the illnesses the vaccines created; sounds like a sweet deal for big pharma!

Nov 06 13:02

The U.S. Ignores Its Vietnamese Victims to This Day

Nguyen Van Tu grasps my hands in thanks as we end the interview. His story is part of a hidden, if not forbidden, history that few in the U.S. know. It’s a story that was written in blood in Vietnam, Cambodia and Laos during the 1960s and 1970s and now is being rewritten in Afghanistan and Iraq. It’s a story to which new episodes are added each day that U.S. forces roll armored vehicles down other people’s streets, kick down other people’s doors, carry out attacks in other people’s neighborhoods and occupy other people’s countries.

It took nearly 40 years for word of Nguyen Van Tu’s hardships at the hands of the United States to filter back to America. Perhaps a few more Americans will feel remorse as a result. But who will come forward to take responsibility for all this suffering? And who will give Pham Van Chap a new leg?

Webmaster's Commentary: 

Being one of the world's most war-centric despots on the planet means, never having to say you're sorry; until the loss or losses are so horrific, that the wars ultimately grind to a stop, because the people of the US will not allow it, as they did during the peaceful, massive demonstrations against the war in Vietnam.

So far, that hasn't happened for the US; but coming wars I see, potentially against Russia; China; and Iran, may well be the turning point for the US, creating either total devastation, or a complete economic collapse for this country. Either way, it may not not end well.

Nov 06 12:31

Fun Facts: Markets Increasingly Worrying

Nov 06 12:30

Iran Shuts Off Oil Tanker Tracking System As US Sanctions Start 

The US on Monday (Nov 5) is reimposing disciplinary measures targeting Iran's oil, shipping, insurance, and banking sectors in what US Secretary of State Mike Pompeo called "the toughest sanctions ever placed" against Iran. In response, Tehran has reportedly turned off all oil tanker tracking systems as the sanctions take effect today.

Analysts at TankerTrackers.com, a watchdog that monitors production, refinement, shipping, and trading of crude oil on a global scale, revealed in late October all Iranian tanker vessels turned off their transponders to avoid international tracking for the first time since 2016.

“It’s the first time I’ve seen a blanket black-out. It’s very unique,” TankerTrackers co-founder Samir Madani told Sputnik News.

Nov 06 12:30

Something's Rotting In The State Of North Dakota: Panicked Farmers Hope Trade War Ends As Soybeans Pile Up

Facing incredible losses in both profits and product, SHTFplan's Mac Slavo notes that soybean farmers are desperately hoping that the trade war implemented by president Donald Trump will soon end. As the stock of soybeans begins to reach their rotten stage, farmers across the country are beginning to panic.

Although President Donald Trump sees tariffs as a tool to “force changes” in America’s economic relationships with China and other major trading partners, it doesn’t seem to be helping anyone in the U.S. His tough approach, according to the president himself, will revive American industries like steel and auto manufacturing that have lost ground to foreign rivals. But that is coming at a steep cost for some industries, like farming, that have thrived in the era of globalization by exporting goods to foreign markets.

Nov 06 12:07

Economic Brake Lights

Nov 06 11:03

Trump Just Boxed The Fed In, This Is How

Nov 06 10:49

"Black Monday": Iranian Analysts Explain Why US Sanctions Unlikely to Succeed

On Monday, November 5th, the new US sanctions against Iran take effect. Sputnik discussed the sanctions' implications for Tehran with Iranian economic experts.

Seyyed Saeed Mirtorabi Hosseini, an Iranian oil and gas analyst from Kharazmi University, told Sputnik that the United States will won't able to achieve its goals and bring Iranian oil export to a complete halt since the main importers of Iranian "black gold" have stated that they will continue cooperation with Iran:

Nov 06 10:36

AMERICAN DREAM RE-COLLAPSES: US HOUSING LEAST AFFORDABLE IN A DECADE

In it's latest report, the Black Knight Mortgage Monitor confuses affordability with payment stress and fails to make an apples-to-apples comparison when determining homes are "more affordable" today than in the period 1995-2003.

Nonetheless, the report is interesting for what it does show. I am passing on a number of suggestions to them as to how to make the report better.

MORTGAGE MONITOR BULLET POINTS
It now takes 23.6% of median income to make the monthly payment on the average-priced home, making housing the least affordable it’s been in nearly a decade.

The monthly principal and interest payment needed to purchase the average-priced home has seen a $190 per month increase since the beginning of 2018, an 18% jump.

Despite the recent tightening, housing on average across the U.S. remains more affordable than the long term benchmark (1995–2003) of 25.1%.

Webmaster's Commentary: 

So, how can this be a "recovering economy" if the past middle-class reality was very much defined by home ownership?!?

Because the truth of the business is, this economy is only "recovering" for the already monied; it sure as heck not for the rest of us.

Nov 06 10:29

World GDP by country.

Nov 06 09:32

Keith Weiner: We Wouldn’t Bet On A Gold-Backed Yuan Even With Our Worthless Fiat Paper Dollars

Terry Goodkind wrote an epic fantasy series. The first book in the series is entitled Wizard’s First Rule. We recommend the book highly, if you’re into that sort of thing. However, for purposes of this essay, the important part is the rule itself:

“Wizard’s First Rule: people are stupid.”

“People are stupid; given proper motivation, almost anyone will believe almost anything. Because people are stupid, they will believe a lie because they want to believe it’s true, or because they are afraid it might be true. People’s heads are full of knowledge, facts, and beliefs, and most of it is false, yet they think it all true. People are stupid; they can only rarely tell the difference between a lie and the truth, and yet they are confident they can, and so are all the easier to fool.”

Nov 06 09:22

Venezuela Seeks To Repatriate $550 Million Of Gold From London

Venezuela is seeking to repatriate about $550 million in gold bars from the Bank of England because of fears it could be caught up in international sanctions on the country, two sources with direct knowledge of the effort told Reuters.

Webmaster's Commentary: 

Good luck getting it!

Nov 06 09:13

Iranian Charity Receiving Bitcoin Donations

Some of us when we think of Bitcoin we think of money, or PayPal. What we rarely think about is how Bitcoin can be used as a way for charities to obtain donations. Over the last several years there has been an increase in charities around the world which accept crypto currency donations.

On top of this we’ve also seen political candidates in the United States accepting digital currency donations for their campaigns. One surprising thing I discovered a few days is that there is a charity based in Iran which is receiving Bitcoin donations. I was blindsided to see this because I do follow crypto currency news out of Iran, and I even have a Google News alert for “Iran Bitcoin”...

Nov 06 09:08

Lavrov Calls US Sanctions on Iran 'Illegitimate', Slams Pressure on SWIFT

Washington implemented tough unilateral sanctions against the Islamic Republic on Monday following President Trump's withdrawal from the Iran nuclear deal in May.

Russian Foreign Minister Sergei Lavrov has condemned Washington's decision to slap Tehran with sanctions, calling the restrictions "absolutely illegitimate" and deeply disappointing, and saying that it was "unacceptable" to hold dialogue in the language of ultimatums.

"As far as the US measures against Iran are concerned, they are absolutely illegitimate," Lavrov said on Tuesday in Madrid following a meeting with Spanish officials.

Nov 06 08:52

Wisconsin taxpayers need to pull the plug on this con of a Foxconn deal

It’s difficult to summarize all the problems with the Foxconn deal, but suffice it to say that it is bad for Wisconsin taxpayers in three big ways: The jobs numbers are misleading, the cost per job is monumental, and the breakeven period for this incentive and subsidy package is hundreds of years away. One other thing is certain: Wisconsin’s government will be forever tainted by the legacy of this deal. The reputation for honest, open government earned over generations is rightfully gone.

Nov 06 08:01

New Look set to close up to 100 UK stores in radical revamp

New Look may close about 100 UK stores in a radical revamp intended to cut costs and improve profitability.

In March creditors approved the fashion retailer's plan to shut 60 stores and cut 1,000 jobs.

On Tuesday the chain said 85 stores had closed or were closing, while talks with landlords on a further 13 were continuing.

A further 26 stores are trading rent-free, with landlords or New Look able to end the arrangement at any time.

Nov 06 07:45

Apple cuts production of iPhone XR after seeing poor demand for the 'budget' $749 phone, report claims

The order to Foxconn and Pegatron may signal disappointing demand for the most affordable handset in Apple's new iPhone lineup, the Nikkei Asian Review reported, citing sources close to the situation.

It comes as the iPhone XR hit the shelves just a few weeks ago.

'For the Foxconn side, it first prepared nearly 60 assembly lines for Apple's XR model, but recently uses only around 45 production lines as its top customer said it does not need to manufacture that many by now,' an anonymous source told the Nikkei.

This means it would produce about 100,000 fewer units daily to reflect reduced demand - down 20 percent to 25 percent from the original projections.

Production plans have been similarly cut back for fellow Apple manufacturer Pegatron.

Nov 05 18:08

Selloff could deepen further

Nov 05 16:20

Chesto Means Business

Needing more dough: Could Papa Gino’s be the tip of the iceberg lettuce when it comes to the state’s new minimum wage rules?

The pizza chain’s parent company in Dedham filed for Chapter 11 bankruptcy today after suddenly closing 47 Papa Gino’s pizzerias and 45 D’Angelo sandwich shops, terminating some 1,100 employees in the process. Chief financial officer Corey Wendland pointed to one big reason for his company’s need for more dough: minimum wage increases across many of its markets, combined with higher health insurance expenses.

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