ECONOMY | WHAT REALLY HAPPENED


ECONOMY

Jul 08 17:07

EU Economy Set To Fall & Go...BOING

Jul 08 15:22

Deutsche Bank employees leave New York office with white envelopes and their belongings after the investment bank cuts 18,000 jobs across the world and causes shares to plunge more than five percent

Deutsche Bank has started laying off staff in New York after the German investment bank began implementing 18,000 job cuts across the globe, prompting shares to plunge more than five percent.

The bank sacked workers in New York, Sydney, Hong Kong and London on Monday morning as it launched one of the biggest overhauls to an investment bank since the aftermath of the financial crisis.

It is not yet clear how many jobs in the U.S. have been cut but employees were spotted leaving the Wall Street office on Monday with large white envelopes after being summoned to the cafeteria to learn their fate.

Hundreds of staff in New York were informed during the meetings that their positions were being cut and they received details of their redundancy packages, sources said.

Jul 08 12:43

The Financial Industry Preys on 401(k) Fees

Jul 08 12:29

Trump Blasting At The FED...Dollar VICTIMIZED!

Jul 08 12:11

Tesla on the edge of a precipice

Jul 08 10:59

Can China's Rare Earth Monopoly Be Broken?

A group of seventeen metallic elements whose names most of us have never heard recently came into the spotlight amid the latest trade tension escalation between Beijing and Washington. Rare earths, used in a myriad of products from electronic displays to lasers and electric cars, are currently the dominion of China and there is concern it could decide to weaponize this dominion.

There is precedent.

Back in 2011, as a territorial dispute between China and Japan got rough, Beijing imposed a rare earths export embargo on its neighbor. The result: soaring prices as everyone started stockpiling in case things got even rougher until the World Trade Organization intervened and China lifted the embargo.

Jul 08 10:34

Dark clouds have been looming as Deutsche Bank staff are bracing themselves for one of the most severe job culls

in banking since Lehman Brothers

--Deutsche Bank Collapse Has Begun! Prepare For The Economic Collapse 2019 Stock Market CRASH!

Jul 08 10:28

The Lemmings Are Running....The End Is Near

Jul 08 09:41

Boeing Loses $5.9 Billion 737 MAX Order To Airbus As Saudi Airline Loses Patience

The Saudi budget airline Flyadeal has lost patience with the ongoing grounding of Boeing's flagship 737 MAX airplane, and on Sunday announced it would not proceed with a $5.9 billion order for 30 Boeing 737 MAX aircraft, instead opting for a fleet of Airbus A320 jets, with options for a further 20 of the jets.

According to Reuters, Flyadeal has been reconsidering a commitment to order the Boeing jets after two MAX aircraft crashed in Ethiopia in March and Indonesia last October, and which killed a total of 346 people, triggering the global grounding of the aircraft and wiped billions off Boeing’s market value. On Sunday, it finally pulled the plug when it announced it would take delivery of 30 A320 neos ordered by its parent, state-owned Saudi Arabian Airlines, at the Paris Air Show in June.

“This order will result in flyadeal operating an all-Airbus A320 fleet in the future,” it said.

Jul 08 09:25

Craig Johnson: Trouble Is Brewing

Jul 08 09:06

"The Deutsche Bank As You Know It Is No More": DB Exits Equities In $8.4 Billion Overhaul, To Fire Thousands

The bank which only a decade ago dominated equity and fixed income and sales trading and investment banking across the globe, and was Europe's banking behemoth, is no more.

On Sunday afternoon, in a widely telegraphed move, Deutsche Bank announced that it was exiting its equity sales and trading operation, resizing its once legendary Fixed Income and Rates operations and reducing risk-weighted assets currently allocated to these business by 40%, slashing as many as 20,000 jobs including many top officials, and creating a €74 billion "bad bank" as part of a reorganization which will cost up to €7.4 billion by the end of 2022 and which will result in another massive Q2 loss of €2.8 billion, as the bank hopes to slash costs by €17 billion in 2022, while ending dividends for 2019 and 2020 even as it hopes to achieve all this without new outside capital.

Jul 08 08:22

Vegebot Farm Robot Uses Machine Learning to Harvest Lettuce

A vegetable-picking robot that uses machine learning to identify and harvest a commonplace, but challenging, agricultural crop has been developed by engineers.

The ‘Vegebot’, developed by a team at the University of Cambridge, was initially trained to recognise and harvest iceberg lettuce in a lab setting. It has now been successfully tested in a variety of field conditions in cooperation with G’s Growers, a local fruit and vegetable co-operative...

Jul 08 07:22

YTD Job Cuts Highest Since 2009

Jul 08 04:41

Milk Sales Plummeted By $1.1 Billion In 2018

Jul 07 16:19

Goodbye Dollar, It Was Nice Knowing You!

Jul 07 16:03

Deutsche Bank confirms plan to cut 18,000 jobs

Deutsche Bank will cut 18,000 jobs over three years as part of a radical reorganisation of the German bank.

It will also report a second quarter loss of €2.8bn to partly pay for the shake-up, which will significantly shrink its investment banking business.

Deutsche Bank is yet to specify exactly where jobs will be lost.

Jul 07 12:50

Who’s lifting $SPX? Oh yeah ...

Jul 07 12:12

1 in 4 Americans have no plans to retire

Jul 07 10:59

Deutsche Bank will exit global equities business and slash 18,000 jobs in sweeping overhaul

Deutsche Bank announced Sunday that it will pull out of global equities sales and trading, scale back investment banking and slash thousands of jobs as part of a sweeping restructuring plan to improve profitability.

Deutsche will cut 18,000 jobs for a global headcount of around 74,000 employees by 2022. The bank aims to reduce adjusted costs by a quarter to 17 billion euros ($19 billion) over the next several years.

Jul 07 09:42

41 Inconvenient Truths on the “New Energy Economy”

By Mark P. Mills

A week doesn’t pass without a mayor, governor, policymaker or pundit joining the rush to demand, or predict, an energy future that is entirely based on wind/solar and batteries, freed from the “burden” of the hydrocarbons that have fueled societies for centuries.

Regardless of one’s opinion about whether, or why, an energy “transformation” is called for, the physics and economics of energy combined with scale realities make it clear that there is no possibility of anything resembling a radically “new energy economy” in the foreseeable future...

Jul 07 09:18

Germany, UK Call on Iran to 'Immediately Stop and Reverse All Activities' on Uranium Enrichment

Earlier in the day, Iranian Deputy Foreign Minister Abbas Araghchi said that Tehran will in 60 days announce further nuclear obligations it will discontinue as the third step of scaling down its commitments under the Joint Comprehensive Plan of Action (JCPOA).

Germany is extremely concerned about Iran breaching the limit set for uranium enrichment and urges it to reverse this decision, the foreign ministry said on Sunday.

“Germany – like our E3 [UK, France, Germany] and EU partners – is extremely concerned by Iran’s announcement that it has begun enriching uranium beyond the concentration of 3.67%,” it said in a statement.

Germany will wait for the confirmation from the IAEA nuclear watchdog.

“As E3 and EU we have repeatedly called on Iran not to take further measures that further undermine the nuclear deal. We strongly urge Iran to stop and reverse all steps that are inconsistent with Iran’s commitments,” it continued.

Webmaster's Commentary: 

OK, folks, if you didn't know the deal here before; the amount of enrichment the Iranians are talking about is to enrich their nuclear capacities to a level consistent with a nuclear energy plant, and NOT consistent with developing a nuclear weapon. Please check with a science person, familiar with the process, because... this is reality.

And I am hoping that someone around President Trump, with this kind of understanding, will speak directly to him, about the differences in enriching uranium for a power station, and building a weapon; it is HUGE AND MAJOR.

And to President Trump, and Iranian President Rouhani, please; no more insults, no trying to make the other leader look bad and wrong, with some rather inflammatory language getting used along the way.

You are both capable of quite a bit better than that.

Jul 07 09:13

Lawmakers Argue Constitution Gives Gov’t Right To Steal Your Car if You’re Caught Speeding

By Tyler Durden

Despite losing in the United States Supreme Court, the state of Indiana is still arguing that there are virtually no Eighth Amendment limits on what it can seize using civil asset forfeiture, according to Reason.

In fact, Indiana Solicitor General Thomas Fisher argued in Indiana Supreme Court last week that it would be constitutional to seize any and every car that exceeded the speed limit. It was an argument that drew laughter from the U.S. Supreme Court last year...

Jul 07 09:01

How To Get Free Food For Life From Your Urban Backyard

By James Prigioni

James Prigioni is growing a food forest garden in his small backyard in New Jersey. After a few years of deliberate planting, he now has an abundance of free food for life. The food forest is loaded with a wide variety of fruit trees, berries and grapes, and annual herbs and vegetables that self-seed to re-produce themselves as volunteers every year. Plant once, get food for life.

Watch his recent video tour of his permaculture food forest garden below:

Jul 07 08:49

In "Radical Overhaul" 20,000 Deutsche Bankers Will Be Fired As "Bad Bank" Soars To €80BN, 5x DB's Market Cap

One month ago, Jeff Gundlach - in his latest DoubleLine investor call - cracked jokes that Deutsche Bank's imploding stock, which has been hitting fresh all time lows virtually every day, had "major support" at €0.

Once again, he was on to something because just a few days later, the FT first reported that the bank which was this close to nationalization in 2016, and failed to consummate a merger with that "other" German bank, Commerzbank, was preparing to roll out Plan Z: amid a deep overhaul of its trading operations (read: mass terminations), the biggest German lender was set to roll out a "bad bank" holding some €50 billion in legacy toxic derivative assets, a plan that was quite popular in the depths of the global financial crisis.

As we noted at the time, it would hardly come as a surprise that the German bank best known for housing €43.5 trillion in gross derivatives notional (something we first pointed out way back in 2013)...

Webmaster's Commentary: 

Ouch!!!

Jul 07 08:43

The Only Strategic Rationale For America's Involvement In Syria Finally Revealed

Authored by Elias Samo via The Strategic Culture Foundation,

“Washington lacks a clear strategy in Syria “; those were the recent words of Robert Ford, the last American ambassador to Syria who served prior to and during the first few years of the Syrian uprising from 2010 to 2014. A man of Ford’s intricate knowledge of the Syrian/American political dynamic is surly knowledgeable enough to assess America’s policy towards Syria. He goes on to say, “It is hard to explain the fundamental American mission in Syria… Is it to fight Daesh? Or is it to help promote a Kurdish autonomous district in Northeastern Syria… Or is it to resist Iranian encouragement?” It is partially all three; however, oddly enough, Mr. Ford avoids the obvious top priority and strategic rationale for America’s involvement in Syria: The Protection of Israel.

Jul 07 07:30

IAEA Board to Meet Wednesday on Iran at Demand of US

US Envoy demands IAEA 'hold Iran responsible'

The International Atomic Energy Agency (IAEA) has announced that they will hold a special meeting on Iran’s civilian nuclear program on Wednesday, centered around US allegations that Iran is in violation of the P5+1 nuclear deal.

The US accused Iran of being in violation once their uranium stockpile exceeded 300 kg. Iran has denied that this is a violation, and says the stockpile cap was voluntary since the US withdrew from the deal.

The IAEA agreed to the meeting at the demands of the US, even though the US is no longer party to the P5+1 deal. US officials have been trying to undermine the nuclear deal for months now, and this seems to be a continuation of that.

Webmaster's Commentary: 

I am working like crazy to get my hands around this, logically, but I am sorry: I cannot.

President Trump, a word, please: since the US withdrew from the P5+1 deal in May of this year, how in the world does the US have any right to criticize the planned enrichment coming up?!?

And BTW, sir, the level to which Iranian scientists are enriching their uranium stockpile is only to serve as a clear fuel power base; it is NOT going to be enriched at the level necessary to create an atomic weapon.

Please ask your "science people" and you will get a confirmation.

You are welcome, President Trump!! :-)

Jul 07 07:21

Amazon CEO Confirms They Automatically Store Alexa Recordings Indefinitely

By Mayukh Saha

Delaware senator Chris Coons had sent a questionnaire to Amazon CEO Jeff Bezos in May. He had inquired how Amazon utilizes and retains data from the voice assistant device Alexa. Bezos has now confirmed that the recordings on the device and their transcripts never expire automatically...

Jul 07 07:10

China Could Feel Swine Fever Blow for Next Decade, Cargill Says

It could be as long as a decade before China recovers from its outbreak of African swine fever, the deadly pig disease that’s decimating hog herds in the world’s largest pork consumer.

That’s according to Cargill Inc., one of the world’s largest agricultural commodity traders. The virus, which kills most infected pigs within 10 days, has already spread to most Chinese provinces. Official reports of a 24% decline for the nation’s herd are “conservative,” said John Fering, managing director for Cargill’s premix and nutrition business in the Asian nation.

China’s hog-herd losses are tough to estimate and could be anywhere between 20% and 70%, according to Rabobank.

“This is not a short-term event,” Fering said by phone. “This is going to take several years, if not a decade, to fully achieve structural recovery.”

Webmaster's Commentary: 

This wouldn't be the first time when food may have been used as a weapon of economic war, through the introduction of some kind of virus, right into the immune systems of the host animals.

But for those readers and listeners who like, and eat pork, you might want to share a group shopping at one of your big-box stores for it, because this is most probably going to have a dramatic effect on food prices both here, and around the world.

Jul 07 07:05

Kamala Launches 100Billion Plan For Black Families Homeownership

“After generations of discrimination, it’s time to give Black families a real shot at homeownership,” Kamala Harris (D-CA) wrote on her twitter account announcing her plan to invest $100 billion of federal money into housing assistance for black families as part her 2020 presidential campaign.

“After generations of discrimination, it’s time to give Black families a real shot at homeownership — historically one of the most powerful drivers of wealth. My new policy will remove unfair barriers Black Americans face when they go to qualify for a home loan,” wrote Harris.

Webmaster's Commentary: 

This sounds wonderful, Senator Harris; but after sharing with the country what you would like to spend, how, please, does a US government find this funding, to support it, when The Fed is running at +/- $22 trillion in national debt?!?

If you show me how the ledger sheet would actually worked for this program, I would be amazed; I think you have really caught the country's interest and imagination on this, to see how it might unfold.

Now, you and your NC (Number-Crunchers) have to work to let Americans know how this would work, if you become both Candidate for President, and the next Presidential election

Jul 06 18:43

Visualizing the Wealth of Nations

Jul 06 17:44

Euro crisis: How William Hague compared eurozone to ‘building on fire without exit’

In a newly-resurfaced report, former Conservative leader William Hague, who fought an election to “save the pound” against former prime minister Tony Blair in 2001, compared the euro to a burning building without an exit.

Mr Hague argued it was a “folly” to create the single currency.

In 2011, when eurozone countries were continuing to struggle with the repercussions of Greece's debt crisis, Mr Hague told BBC: “It was folly to create this system.

“It will be written about for centuries as a kind of historical monument to collective folly.

“But it's there and we have to deal with it."

He added: "I described the euro as a burning building with no exits and so it has proved for some of the countries in it.

"I might take the analogy too far but the euro wasn't built with exits so it is very difficult to leave it.”

Jul 06 15:27

Is 5G Tech Safe? Houston Mayoral Candidate Raises Serious Questions

By John Vibes

Derrick Broze is a freelance investigative journalist, author, and public speaker who has been a vocal activist in his hometown of Houston, Texas for many years.

Broze’s most recent battle in Houston has been fighting against the state and local government’s plan to roll out new 5G internet technology throughout the city...

Jul 06 11:33

Big Pharma Hikes Drug Price 879% And That’s Just One Of 3,400 So Far THIS YEAR

By Mac Slavo

Big Pharma continues to jack up the prices on the drugs they peddle. The price of one drug was hiked 879%, and that’ only ONE of the 3,400 price increases that have occurred so far this year.

Pharmaceutical companies raised the prices of more than 3,400 drugs in the first half of 2019, surpassing the number of drug hikes they imposed during the same period last year...

Jul 06 11:07

REVERED SOCIAL LEADER AND ACTIVIST KILLED IN COLOMBIA

SOURCE: TELESURENGLISH.NET

Social leader Tatiana Paola Posso Espitia, 35, was shot twice in the head Wednesday morning in front of her house in El Copey located in the Department of Cesar when two men on motorcycles fired at the activist and fled the scene.

The assassination occurred just as Espitia’s taxi driver, Wilson Ortega Palomino, arrived at her home to take the social leader to work, according to local media reports. The bad timing resulted in Ortega also being shot four times by the hitmen. He is in critical condition at a nearby hospital.

The National Network for Democracy and Peace in Colombia published a communique on its Twitter account firmly condemning the murder.

“Posso Espitia was a social activist committed to humanitarian aid, helping vulnerable people and victims of the armed conflict that continue to affect Colombia,” said the report.

Webmaster's Commentary: 

Prayers for her friends and her family; but expect no movement from the current Colombian government in terms of identifying the killers, which probably got their "marching orders" from certain elements in that same government, which wanted her dead.

Jul 06 11:01

VENEZUELA FORCES KILLED THOUSANDS, THEN COVERED IT UP, U.N. SAYS

SOURCE: NYTIMES.COM
GENEVA — Venezuelan special forces have carried out thousands of extrajudicial killings in the past 18 months and then manipulated crime scenes to make it look as if the victims had been resisting arrest, the United Nations said on Thursday in a report detailing wide-ranging government abuses targeting political opponents.

Special Action Forces described by witnesses as “death squads” killed 5,287 people in 2018 and another 1,569 by mid-May of this year, in what are officially termed by the Venezuelan government “Operations for the Liberation of the People,” United Nations investigators reported.

Laying out a detailed description of a lawless system of oppression, the report says the actual number of deaths could be much higher. It cites accounts by independent groups who report more than 9,000 killings for “resistance to authority” over the same period.

Webmaster's Commentary: 

One has to wonder just how much "American influencers" had a chance to "cook the numbers" in this report, making them appear to be far worse than it may have been, to get a consensus at the UN for "regime change" in Venezuela, paired with a new, "snap election".

Jul 06 10:50

SOUTH FLORIDA RESIDENT SENTENCED TO 30 YEARS FOR $100 MILLION INTERNATIONAL FRAUD SCHEME THAT LED TO THE COLLAPSE OF ONE OF PUERTO RICO’S LARGEST BANKS

SOURCE: JUSTICE.GOV

A Key Biscayne, Florida, resident and the former CEO and Chairman of a now-bankrupt multinational pharmaceutical company was sentenced to 30 years in prison followed by five years of supervised release yesterday for his role his role in a $100 million scheme to defraud Westernbank of Puerto Rico (Westernbank). The losses triggered a series of events leading to Westernbank’s insolvency and ultimate collapse.

Jack Kachkar, 56, was sentenced by U.S. District Judge Donald L. Graham of the Southern District of Florida, who also presided over the trial in this case. Judge Graham also ordered the defendant to pay $103,490,005 in restitution to the FDIC, as receiver for Westernbank. Kachkar was convicted on Feb. 4, 2019, after a three-week trial, of eight counts of wire fraud affecting a financial institution.

Webmaster's Commentary: 

Good.

Jul 06 10:46

Ten Big Steps down the Road to Recession

Jul 06 10:18

Whole Foods BANKRUPT by 2030?

Jul 06 10:15

The World Bank and IMF 2019

“The purpose of a military conquest is to take control of foreign economies, to take control of their land and impose tribute. The genius of the World Bank was to recognize that it’s not necessary to occupy a country in order to impose tribute, or to take over its industry, agriculture and land. Instead of bullets, it uses financial maneuvering. As long as other countries play an artificial economic game that U.S. diplomacy can control, finance is able to achieve today what used to require bombing and loss of life by soldiers.”

Jul 06 09:52

CANADA PENSION FUND QUIETLY DIVESTS FROM US MIGRANT DETENTION FIRMS

SOURCE: THEGUARDIAN.COM

One of Canada’s biggest pension funds has quietly divested from two private prison operators responsible for the detention of thousands of migrants along the US-Mexico border.

Late last year, the Guardian reported that the Canadian Pension Plan Investment Board (CPPIB) held nearly US$8m in stock in Geo Group and CoreCivic, which between them hold the lion’s share of contracts to manage Immigrations and Customs Enforcement (Ice) detention facilities in the US.

The CPPIB, which manages C $392bn (US $299m) in pension funds on behalf of 20 million Canadians, did not make a public statement when it dropped the two companies from its list of foreign public equity holdings, but the change was spotted this week by the federal MP Charlie Angus, a member of the opposition New Democratic party.

Jul 06 09:15

Now that Trump has declared war on the Federal Reserve - here's a history meme to start your day.

If we do not know history, we are doomed to repeat it.

"all wars are bankers wars"

PRIVATE CENTRAL BANKING is and has always been the world's greatest villain

Jul 06 08:42

Why the Minimum Wage Can’t Solve the Poverty Problem

By Paul Boyce

If wages for those at the bottom are high, you may naturally expect low poverty rates. No matter how you define it, higher wages would most logically relieve poverty levels. This is also the argument made by the Economic Policy Institute (EPI). An increase in the minimum wage may very well reduce poverty in the short-term. However, there will be adjustments. In reality, a higher minimum wage changes the types of people living in poverty rather than the overall number...

Jul 06 08:27

How To Decode Investment Advisor Speak

By Luke F. Delorme

As an investment advisor, I can’t help but sometimes fall into the trap of industry lingo. Mea culpa. This is my short list of things I hear way too often in the investment industry, and my honest translation into English...

Jul 06 08:20

10 Big Steps Down the Road to Recession

By David Haggith

First, a decline in manufacturing, and then a slump in service industries, now a broad-spectrum inversion of the yield curve hitting its most critical metric this week, unemployment finally starting to rise again, a one-year relentless housing decline across most of the nation and the world, carmageddon pressing car dealers to offer big incentives once again just to hold sales flat, shipping everywhere sinking rapidly, broadly deteriorating general business conditions, plus tariff troubles for the US throughout the world — all of these economic stresses have gotten remarkably worse in just the past month.

At the same time, the stock market has soared back up to its three-time ceiling (now four-time) and managed to clear microscopically above that level. Apparently, the last recession was such a great recession, the stock market believes more of the same would be the best thing that could happen...

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