ECONOMY | WHAT REALLY HAPPENED


ECONOMY

Oct 27 14:33

False medical claims

Unethical providers may double- or triple-bill health insurers for the same treatments, hoping the insurer won't discover the overruns in the big stack of bills.

Oct 27 14:32

2 Investigators: Are Hospitals Double-Billing Some Patients?

Understanding a hospital bill can be frustrating and overwhelming.

Depending on how good or bad your insurance is — or if you have no insurance at all — you may get stuck paying excessive or duplicate charges and not even know it.

Oct 27 13:47

Pending Home Sales Disappoint As 15% of Realtors Report Clients Unable To Obtain Financing

Less than a week after the NAR reported September existing home sales which surged at a 5.17 million annualized pace, the highest since September 2013, rebounding from the August drubbing which was also the worst miss in 2014, today the NAR flip-flopped and disappointed sellside expectations of a 1.0% rebound following the August -1.0% decline, rising a modest 0.3%, and less than half the 2.2% expected increase from a year ago, rising only 1.0% Y/Y. This was the third miss in the series in the last 4 prints.

Oct 27 13:46

US child poverty remains at highest rate in 20 years: Report

A new report says nearly 25 percent of American children live in poverty, the highest level in 20 years.

The report, published in the US medical journal JAMA Pediatrics, found that over 16 million children live in poverty in America.

Oct 27 12:55

Fed set to finally get out of the market

Fed expected to announce end of quantitative easing this week

Oct 27 11:18

Why Do Banks Want Our Deposits? Hint: It's Not to Make Loans.

Many authorities have said it: banks do not lend their deposits. They create the money they lend on their books.

Robert B. Anderson, Treasury Secretary under Eisenhower, said it in 1959:

When a bank makes a loan, it simply adds to the borrower's deposit account in the bank by the amount of the loan. The money is not taken from anyone else's deposits; it was not previously paid in to the bank by anyone. It's new money, created by the bank for the use of the borrower.

The Bank of England said it in the spring of 2014, writing in its quarterly bulletin:

The reality of how money is created today differs from the description found in some economics textbooks: Rather than banks receiving deposits when households save and then lending them out, bank lending creates deposits.

. . . Whenever a bank makes a loan, it simultaneously creates a matching deposit in the borrower's bank account, thereby creating new money.

Oct 27 09:58

Stock markets threatened by collapse in Chinese consumer demand

The capitulation of the Chinese consumer threatens to drag stock markets around the world into a death spiral as one of the pillars of global growth is undermined.

Webmaster's Commentary: 

"Oh yes, this is all China's fault. Blame China!" -- Official White Horse Souse

Oct 27 07:42

Hungarians revolt against internet tax (PHOTOS, VIDEO)

Furious with the government plan to impose tax on Internet data traffic, thousands of Hungarians rallied in front of the Economy Ministry in Budapest to protect the freedom of the internet from the 'anti-democratic' measure.

Tens of thousands gathered in front of the Economy Ministry building on Sunday, urging the politicians to scrap the plan that will see internet service providers (ISPs) pay 150 forints ($0.62) for every gigabyte of data traffic transferred over their networks.

Oct 27 07:23

3 reasons why you should expect a 30% market meltdown

In a commentary for Marketwatch just over two months ago, I predicted that the U.S. stock faced at least a 20% correction. The signals now point to a 30% downturn.

Oct 27 07:20

“They Just Want The Money!” The IRS Can Now Seize Accounts On Suspicion Alone

The topic of civil asset forfeiture has been high on our agenda recently as federal ‘agents’ discover how to steal Americans’ hard-earned cash with zero repurcussions , and decide unilaterally how much cash a ‘common man’ is allowed to carry; but as The NY Times reports, the escalation to The IRS brings a whole new world of possibilities with regard asset confiscation based on no actual crime being proved…

Webmaster's Commentary: 

Oct 27 07:17

If the Tesla D’s Such a Great Car..

Over the past week, I’ve been assaulted by one “news” story after the next about the latest fruit of government motors. Not GM. Tesla. The Model D. It is very slick! And very quick! It has all-wheel-drive! Not one but two electric motors (which isn’t new, by the way). Orgiastic comparisons with Porsche 911s and other exotic high-performance cars.

No mention, of course, that the government doesn’t pay people to buy 911s. Nor is Porsche a rent-seeking cartel whose existence depends on government support.

I was asked recently during a radio interview (here) why I do not like the Tesla. But that is not the right question, much less a fair question.

I haven’t got any particular like — or dislike — for the Tesla as such. If Elon Musk — or anyone else wants to build a car (powered by whatever, be it electricity or air or unicorn farts) and offer it for sale, they ought to be free to do so. I certainly have no objection to that.

Oct 27 07:14

CVS follows Rite-Aid, shuts off Apple Pay

Last Thursday drug store chain Rite Aid Inc. (RAD) reportedly stopped accepting payments made through the just launched Apple Pay system from Apple (AAPL). On Saturday, CVS Health (CVS) was reported to have followed suit at its CVS pharmacy stores.

The issue appears to be a conflict between Apple Pay and a mobile payment system called CurrentC that is being developed by a retailer-owned mobile technology outfit called Merchant Customer Exchange (MCX). Unlike Apple Pay, CurrentC does not use an NFC chip, but instead generates a QR code that is displayed on the merchant's checkout terminal. Customers who have already linked their bank accounts to the CurrentC system scan the QR code from the terminal and the transaction is completed.

Oct 26 09:34

Cognitive Elite – The Jewish Ghetto, Gaza and Detroit

A Study of Jewish Identity Politics, offers a theory of cognitive ability distribution to explain Zionism, Jewishness, anti-semitism, and identity politics generally. September 29, 2014 video by Joe Friendly

Oct 26 07:41

13 European Banks Don't Have Enough Money To Survive A Financial Crisis

The European Central Bank said on Sunday that 25 eurozone banks showed a capital shortfall, after a year-long review of finances for 130 of the largest banks in the euro area.

Webmaster's Commentary: 

"No problem; we'll just print a whole bunch more out of thin air and loan it to them at interest!" -- Money Junkies

Oct 26 07:26

CHRISTMAS IN OCTOBER – DESPERATE MEASURES

The desperation of retailers grows by the day. I head to Wal-Mart and Giant in Harleysville every Sunday morning at 7:00 am. to do my weekly grocery shopping. I go to Wal-Mart at opening to avoid the freaks we see weekly on the People of Wal-Mart post. The workers at Wal-Mart are only a small step above the customers. They can barely communicate, rarely look you in the eye, and generally act like they are prisoners in an asylum.

Webmaster's Commentary: 

Claire and I went to Macy's yesterday so I could buy a belt (as the ones I get at Sears fall apart after just 2 months) and they already have their Christmas displays fully set up.

Oct 25 10:03

French unemployment hits new record high

After a slight improvement in August, the number of jobless in France once again increased in September, reaching a new record high of 3.43 million unemployed, government figures revealed Friday.

Oct 25 09:55

Pink is the new green

Breast cancer fundraising is a scam

Only 8-10% goes to research!

Oct 25 09:45

7 things the middle class can't afford anymore

Webmaster's Commentary: 

#8. Washington DC

#9 Wall Street!

Oct 25 08:52

George Soros and his Kind are Evil, Mass Murdering Monsters.

You got all kinds of evil running loose in these times. By definition, these are evil times, being as it is the Kali Yuga. The very worst of us profit without reserve and the best of us are hammered into the pavement. There's supposed to be some kind of justice in this but... those of us who are within the constraints of single lifetimes and lacking the panorama view of the realized, are hard pressed to see it. It's there somewhere. Of course, I'm speaking only for those of us that believe in something. For those of us that believe in nothing, except ones own blind, naked ignorance, the appearance of justice is nowhere to be seen. There's one thing we can certainly presume is true and that is that we will find out at some point, even if... in the cases of those who believe nothing, they find nothing. It might be that that is how it works; to each according to what they do or do not believe.

Oct 24 10:25

"We won't pay," furious Cameron tells EU over surprise budget

In a vivid display of public fury at European Union technocrats, British Prime Minister David Cameron refused to pay a surprise 2.1-billion-euro bill on Friday as EU leaders ordered an urgent review of how the budget figures were arrived at.

As Eurosceptics at home leapt on news that the EU executive -- branded a "thirsty vampire" -- had demanded a sum worth about one seventh of London's annual payment after a major statistical review of national incomes, Cameron demanded action from fellow leaders at a summit calling the bill "completely unacceptable".

He found some sympathy - a visibly furious Cameron told a news conference that Italian Prime Minister Matteo Renzi had also lambasted "bureaucrats without a heart", who made it harder to persuade citizens of the Union's value.

Webmaster's Commentary: 

If England refuses to pay, the whole pyramid will collapse, triggering an estimated $95 trillion in credit default swaps sold my Wall Street, for which they do not have the cash to pay. So, will Obama now declare war on Great Britain to force them back into the obedience of the private central bankers?

Oct 24 10:14

US jobless claims rise 17K

Oct 24 09:32

Hands off our hookers' and dope dealers' money, U.K. tells E.U.

The European Union has ordered the U.K. to pay an extra €2.1 billion ($2.65% billion) into its central budget by December, once again inflaming the British sense of grievance at the perceived machinations of unelected Eurocrats in Brussels.

...

Cameron himself tweeted that he was “angry at the sudden presentation of a €2 billion bill,” adding: “It’s an appalling way to behave and I won’t be paying it on Dec. 1.”

In one sense, at least, they are right. It is unfair, because one thing is for sure: whatever happens, it won’t be U.K.’s coke dealers and hookers who end up paying that €2.1 billion.

Oct 24 09:10

Banker Suicides Return: DSK's Hedge Fund Partner Jumps From 23rd Floor Apartment

The summer, thankfully, has been largely bereft of the dismal trend of bankers committing suicide, but as Bloomberg reports, Thierry Leyne, a French-Israeli banker and partner of Dominique Strauss-Kahn, the disgraced former chief of the IMF, was found dead Thursday after apparently taking his own life by jumping off the 23rd floor of one of the Yoo towers, a prestigious residential complex in Tel Aviv. This is the 16th financial services executive death this year.

Oct 24 09:09

The Housing Recovery Has Been Canceled Due To Data Revisions

Last month, when, with great amusement, we reported that "New Home Sales Explode Higher Thanks To... Record High Average New Home Prices?", we mocked the latest batch of bullshit data released by the US department of truth as follows:

New Home Sales rose a magnificent (seasonally-adjusted annualized rate) 18% in August - the biggest monthly rise since January 1992 albeit with a 16.3 90% confidence interval, meaning the final number may well be +1.7%. At 504k, new home sales are back at May 2008 levels (though obviously massively below the 1.4 million homes sold at the peak in 2005). As a reminder, May's 504K new home sales print was later revised later to 458K. But even more stunning, new home sales in The West rose a mind-numbing 50% in August (and up 84.4% YoY - nearly double).

Oct 24 08:59

People Are Trying to Sell Cinnamon Bark as an Ebola Cure

Marion Nestle reports that several supplement manufacturers are selling vitamins that promise to prevent or treat Ebola. The claims caught the attention of the FDA, which has issued warning letters to three of the manufacturers: Natural Solutions Foundation, Young Living, and DoTERRA International LLC. The agency lists specific claims it finds worrisome; for example, on a Young Living consultant's website, "Ebola Virus can not live in the presence of cinnamon bark."

Webmaster's Commentary: 

Despite the WHO authorizing the use of unproven treatments to deal with the Ebola the reality is that only treatments from the giant pharmaceutical corporations are being allowed. The FDA, still looking at Ebola from the economic point of view, is coming down hard on anyone offering treatments from which the pharmaceutical corporations cannot make the profit.

We know the FDA is blocking use of even mention of nano silver products wherever they can, despite the fact that both Nigeria and Sierra Leone have told the US Government to shove their regulations (possibly in response to the growing awareness that the US Government may have triggered the Ebola outbreak in Africa with a botched vaccine trial) and are treating Ebola patients with nano-silver and reporting positive results.
That being said, it was observed during the 1918 flu pandemic (also triggered by a botched vaccine trial) that workers at a factory that processed cinnamon for bakeries did not come down with the flu. This triggered widespread use of cinnamon, usually mixed with milk, which did in fact lower the fever and reduce symptoms of those already infected with the flu. Most naturally occurring antibiotics are broad spectrum, which means they are effective against a wide variety of infections, whereas modern pharmaceutical antibiotics are designed to be effective against specific infectious agents and are usually useless against others.

So do your own research and make your own choices.

After all, are you willing to bet your life the government, media, and pharmaceutical corporations are telling you the truth?

Oct 24 08:20

Ebola Outbreak Erodes Recent Advances in West Africa

In the breach, Ebola is fast washing away the small gains made over the last decade in war-scarred parts of West Africa, as schools shut down, immunization campaigns are suspended and a food crisis looms as farmers abandon their fields.

Oct 24 07:58

Big nations snub Beijing bank launch after US lobbying

China will officially launch a new $50 billion Asia Infrastructure Investment Bank on Friday as it steps up its challenge to global financial institutions like the World Bank that it feels are dominated by America and its allies.

But only 20 mostly small economies, many of them effectively client states of China, will become founding members of the bank at Friday's ceremony in Beijing after Washington lobbied furiously to stop other countries from signing up.

Webmaster's Commentary: 

Oct 24 07:55

FTDI admits to bricking innocent users' chips in silent update

Hardware hackers and security researchers are furious at chip maker FTDI for issuing a silent update that bricks cloned FTDI FT232 [USB to UART] chips.

The chip is extremely common on a wide variety of devices and there is no way of knowing at this time which devices have cloned chips -- and the tainted supply chain could hit anyone.

FTDI appears to have used a recent Windows update to deliver the driver update to brick all cloned FTDI FT232s.

FTDI's surprise new driver reprograms the USB PID to 0, killing the chips instantly.

The hardware hackers at Hack A Day first reported that a recent driver update deployed over Windows Update is bricking cloned versions of the very common FTDI FT232 [USB to UART] chip.

In response to increasing anger and criticism from security researchers on Twitter, FTDI admitted using the remote kill switch and is adamant that this move is necessary to fight counterfeiting.

Webmaster's Commentary: 

Oh yes, let's punish the end user who may not even know his product has a counterfeit chip by killing his hardware!

Does FTDI not understand that the counterfeiters will go on selling their chips anyway not caring if they eventually fail? Look at the flood of fake 128G SD cards hitting the market. These are actually 8G chips reprogrammed to identify themselves as 128G to the computer. Every time a particular brand is identified as phony, the counterfeiters simply change their company name, change the packaging, and go right on selling their products, not caring that they will not actually work. FTDI's stunt will harm a lot of innocent end users and will not stop the counterfeiters. It won't even slow them down. Someone needs to be fired for this mistake!

Oct 24 07:41

Huge Downward Revision In August New Home Sales

New home sales were flat in September after a big downward revision to August's report.

Oct 24 07:26

BEX ALERT - Former CDC Director to New Yorkers: Don't panic about Ebola

Dr. Richard Besser, former acting CDC director and current ABC correspondent, says there's no need to panic about Ebola arriving in New York City.

Webmaster's Commentary: 

"Just keep going to those shopping malls, keep spending money, keep making your credit card and mortgage payments, keep hating the Muslims who dare to live over our oil, and be sure to get to the poll November 4th and vote for Democrats ... because Republicans brought Ebola here to steal the election!!!" -- Official White Horse Souse

Oct 24 06:37

Russia Rising

Russia is on the way up, America on the way down. Will Washington start a major new war in a desperate attempt to reverse its decline and deal a death blow to its increasingly confident competitor?

Oct 24 05:25

For the Bottom 90% of Americans, Financial Security is Slipping Away

No matter how you look at it, the economic picture for most of America is not good.

From too much debt to not enough savings to shrinking incomes, the vast majority of Americans are confronted with erosion of their financial security.

Oct 24 05:13

50 Percent Of American Workers Make Less Than 28,031 Dollars A Year

The Social Security Administration has just released wage statistics for 2013, and the numbers are startling. Last year, 50 percent of all American workers made less than $28,031, and 39 percent of all American workers made less than $20,000. If you worked a full-time job at $10 an hour all year long with two weeks off, you would make $20,000. So the fact that 39 percent of all workers made less than that amount is rather telling.

Oct 23 14:32

Media paying attention to poll showing public's distaste for privatization

Newspaper columnists and radio talk show hosts are paying attention to fresh polling data that shows just how uneasy Canadians are about the concept of privatization.

Last week, the National Union of Public and General Employees (NUPGE) publicized the results of the polling done in September in which:

70 per cent of respondents agreed that: “allowing a few people to profit from services meant for all of us weakens our country's principles and core values of caring and sharing."
82 per cent agreed that “when private companies get contracts to provide government programs, the public loses control over services people depend on.”

Oct 23 14:05

Sears disputes report of 116 store closures, nearly 6,100 layoffs

Cash-strapped Sears Holdings rose 4.5% to $35.95 Thursday following a report that it plans to close 116 Sears and Kmart stores and lay off nearly 6,100 employees, many ahead of the Christmas shopping season.

Oct 23 08:45

Thousands With Degenerative Conditions Told They Could Be ‘Fit To Work In The Future’

More than a third of people with debilitating and incurable conditions and are too sick to work, such as Parkinson’s and multiple sclerosis, are being placed in the ‘Work Related Activity Group (WRAG) of ESA, even though their condition is certain to worsen over time.

Claimants placed within the WRAG receive less money than those in the higher ‘Support Group’, who are not required to prepare for work or attend Job Centre interviews, and face the threat of sanctions if they fail to comply with strict requirements. Some may have their ESA entitlement removed after only a year as the government attempts to “support people into work”.

Oct 23 08:44

UN Issues Statement on Human Rights Violations in Detroit

The conditions are so bad that two United Nations special rapporteurs were invited to Detroit by a number of community groups: the special rapporteur on human right to safe drinking water and sanitation, and the other one on adequate housing and standard of living without discrimination. They heard from residents, council members, the mayor, and congressmen. In their joint statement, they said that the human rights to safe drinking water, sanitation, and adequate housing both derive from the right to an adequate standard of living protected under Article 25 of the Universal Declaration of Human Rights.

Oct 23 08:42

McDonald's Posts Worst Sales Decline In 10 Years

McDonald's global sales at stores open at least 13 months declined 3.7% in August.

That the worst same-store sales decline that the fast-food giant has reported since March 2003, when global sales also fell 3.7%. It also marks the fourth straight month of comparable sales declines in the U.S., which accounts for about 32% of McDonald's revenue.

Oct 23 08:36

New York Fed’s Conference Evokes Thoughts of Violence Against Wall Street

“Since 2008, fines imposed on the nation’s largest banks have far exceeded $100 billion. The pattern of bad behavior did not end with the financial crisis, but continued despite the considerable public sector intervention that was necessary to stabilize the financial system. As a consequence, the financial industry has largely lost the public trust. To illustrate, a 2012 Harris poll found that 42 percent of people responded either ‘somewhat’ or ‘a lot’ to the statement that Wall Street ‘harms the country’; furthermore, 68 percent disagreed with the statement: ‘In general, people on Wall Street are as honest and moral as other people.’ ”

Further cementing that public distrust, the media was barred from attending Monday’s conference at the New York Fed. Press members who nonetheless reported on the event evoked a recurring theme of violent acts to deal with incorrigible actors.

Oct 23 07:59

99 ways to boost pensions in California -- at public cost

Taxpayers could shoulder billions now that CalPERS has approved perks for new public workers.

Oct 23 07:09

Top Regulator Says Bank CEOs Meant Well -- This Evidence Says Otherwise

The head of one of Wall Street's most important regulatory agencies argued recently that Big Bank CEOs never intended to break the law or engage in foreclosure fraud. Instead, Thomas Curry of the Office of Comptroller of the Currency tells us they weren't cautious enough.

Internal documents obtained from a bank-backed venture several years ago seem to directly contradict this claim. These documents, which include training materials, PowerPoint presentations, and videos, suggest that the industry made a conscious attempt to bypass local jurisdictions and automate processes -- in what can best be described as a fraud-friendly way.

Oct 23 07:02

Central Banker Admits Central Bank Policy Leads To Wealth Inequality

Six years after QE started, and just about the time when we for the first time said that the primary consequence of QE would be unprecedented wealth and class inequality (in addition to fiat collapse, even if that particular bridge has not yet been crossed), even the central banks themselves - the very institutions that unleashed QE - are now admitting that the record wealth disparity in the world - surpassing that of the Great Depression and even pre-French revolution France - is caused by "monetary policy", i.e., QE.

Oct 23 06:56

Cashing out: ‘Electronic payments taking over, banks to abandon paper money soon’

More and more countries are using electronic payments instead of physical as they’re much cheaper, easily traceable and help to combat terrorism financing, money laundering, tax evasion and the black market, economist Konstantin Gurdgiev told RT.

Denmark’s Central Bank Nationalbanken plans to stop printing banknotes and minting coins by the end of 2016. It claims that people increasingly prefer to use credit cards and electronic money in transactions rather than cash.

Oct 23 06:55

Fed Up With DOJ Misconduct, Fraud and False Evidence – Federal Judge Takes Nuclear Option

In perhaps the most stunning documentation yet of abuses by Eric Holder’s Justice Department, two former Assistant United States Attorneys spoke to defense attorneys and revealed appalling deceit and corruption of justice. This latest litigation time bomb has exploded from multi-million dollar litigation originally brought by the Department of Justice against Sierra Pacific based on allegations that the lumber company and related defendants were responsible for a wildfire that destroyed 65,000 acres in California.

In what was dubbed the “Moonlight Fire” case, the tables are now turned. The defendants have discovered new evidence and filed a stunning motion. The new evidence and disclosures are being taken seriously by the Chief Judge of the Eastern District of California—as they should be. In a shocking action, Judge Morrison C. England Jr. ordered the recusal of every federal judge in the Eastern District of California.

Oct 22 12:55

California Orders Churches To Fund Abortions—Or Else

A regulatory change in California has placed abortion in the category of ‘basic health services’ all insurance plans must cover. Even those churches buy.

Oct 22 12:48

Denmark's central bank to stop producing money

With more and more people paying with credit cards and their smartphones, Denmark’s central bank Nationalbanken says it no longer pays to print banknotes or mint coins.

Webmaster's Commentary: 

And how do they pay when the cloud goes down (again)?

Oct 22 12:19

Santelli & Schiff: “A Messy Exit Is A Given… Ending QE Will Plunge US Into Severe Recession”

“Markets are slowly coming to grips with reality is not going to be as easy as everybody thought,” Peter Schiff tells CNBC’s Rick Santelli, noting the pick up in volatility across asset classes recently. What The Fed clearly does not understand, Schiff blasts, is that “you cannot end quantitative easing without plunging the US into a severe recession.” Because of the Fed’s extreme monetary policy and the mal-investment that flows from it, Schiff says, “The US economy is more screwed up now than it’s ever been in history.” Most prophetically, we suspect, Santelli agrees that “a messy exit is a given,” and Schiff believes they know that and that is why QE4 is coming simply “because it hasn’t worked and they can’t admit it’s been a dismal failure.”

Oct 22 11:03

Census Report: Half of Americans Poor or Near Poor

Forty-seven percent of Americans have incomes under twice the official poverty rate, making half of the country either poor or near-poor, according to figures released last week by the Census Bureau.

These figures are based on the Census Bureau’s Supplemental Poverty Measure (SPM), which takes into account government transfers and the regional cost-of-living in calculating the poverty rate. According to that calculation, there were 48.7 million people in poverty in the United States, three million higher than the official census figures released last month. The US poverty rate, according to the SPM, was 15.5 percent.

Webmaster's Commentary: 

These numbers are morally, and socially, unacceptable.

Both parties talk a good game about getting the decent jobs back, which used to be the underpinning of a solid middle class.

But the destruction of the Middle Class, by the consistent offshoring/outsourcing of jobs, is no accident.

The major corporations fund both parties to look to the other way while these practices continue apace.

Oct 22 08:48

India Gold Demand Surges 450% and Bank of Russia Demand At 15 Year High

Webmaster's Commentary: 

So how is it that the price of gold remains low?

Oct 22 08:25

Saying Good-Bye to Fear of the 1918 Flu

We have had a pandemic run-through already. By now the country's knows the H1N1 pandemic was a dud. Many even know it was fake.

The whole thing was so bizarre that the Eu Parliament investigated as did the British Medical journal, condemning ties between the pharmaceutical industry and flu "experts."

A man at the WHO named Osterhaus has been the main person at the WHO saying that pandemics - SARS, Ebola, Avian flu, swine flu - were going to kill millions.

"Not only is Osterhaus the connecting person in an international network that has been described as the Pharma Mafia, he is THE key advisor to WHO on influenza and is intimately positioned to personally profit from the billions of euros in vaccines ..."

Oct 22 08:08

Dirty money: 19 UK firms alleged ‘complicit’ in $20bn laundering scam

Some 19 British firms are at the center of an investigation into in a mammoth global money-laundering operation. The scheme was allegedly contrived to make $20bn (£12.5bn) of ill-gotten gains appear legitimate.

Oct 22 07:35

Fear of Ebola Now Creating Weakness in U.S. Stocks?

The fear of Ebola has caused pressure towards the U.S. stock markets, particularly in the travel sector and aviation stocks. The concern is real, and if it is allowed to grow in the United States, Asia, or Europe, we could see a significant decline in travel demand that could impact the next few quarters, as my stock analysis would suggest.

Webmaster's Commentary: 

The stock market is already in trouble. Indeed it is on life support right now via QE. Ebola just makes a handy scapegoat when it crashes.

Oct 22 07:19

Chicago Drivers Have Wised Up to Speed Cameras, Their Good Behavior is Bankrupting the City

Citizens in Chicago are costing the city tens of millions by obeying the law, giving credence to the notion that crime really does pay, and is not only profitable but necessary for the state to survive.

Oct 21 15:20

Moldova commits economic suicide for Brussels

During the last CIS summit in Minsk, an unpleasant incident occurred. The journalists, who could hardly hear what the presidents of Moldova and Russia were talking about, assumed that, at some point, the presidents were going to have a verbal fight with each other. The presidents were talking about the Association of Moldova with the EU and the introduction of Russia's sanctions in response.

The unpleasant incident with the verbal fight, which Moldovan President Timofti started at the summit in Minsk, was not incidental.

Oct 21 14:20

£20 Billion British Money Laundering Scam Goes Through Eastern Europe, Ends in HSBC, RBS, UBS and Citibank

This story should raise some important questions about organised crime’s influence on our judicial and economic systems – in times of crisis.

A recent money laundering investigation by a British Newspaper, The Independent (see story below), reveals a complex accounting and legal shell game of British-based front companies, laundering their illicit proceeds through phony lawsuits, followed by massive wire transfers to Latvian and other banks. Money transfers are effectively rubber stamped by corrupt Moldovan judges.

Are these white collar crimes exclusive eastern European gangsters, or do well-known British financial brands also do the same?

Oct 21 13:19

Floyd Brown Interview: The Government is “Robbing” Americans of Our Wealth

Political commentator and freedom advocate Floyd Brown knows what the U.S. government is up to, and he’s calling Washington on it. In this one-on-one interview, find out why the president of the Western Center for Journalism believes Americans are systematically robbed of their savings through a deliberate devaluation of the dollar. In the face of a dollar that will continue to erode in value, Brown explains how gold and silver – the “historic forms of money” – can help to protect our savings. Plus, discover why he believes that Americans are doing a “grave injustice” if they’re depending on the government in retirement.

Oct 21 11:34

The Magic Number Is Revealed: It Costs Central Banks $200 Billion Per Quarter To Avoid A Market Crash

We have all seen it countless times before: visual confirmation that without the Fed's (and all other central banks') liquidity pump, the S&P would be about 70% lower than were it is now.

Oct 21 11:34

McDonalds Sales Plunge In Worst Month Since 2003 Following Dollar Meal "Sticker Shock"

But while collapsing MCD sales are a combination of both the insolvent US consumer, who can no longer afford to buy either MCD or Coke (as we commented earlier) especially after purchasing the latest and greatest iThing on credit, as well as shifting tastes and eating the "cool food du jour", things are only going to get worse from here.

Because in a world that is allegedly flooded with deflation, the one place where everyone considered safe for "dollar meals", just got more expensive.

Webmaster's Commentary: 

Plus the food is so full of fillers you can practically taste the sawdust!

Oct 21 10:08

19 Very Surprising Facts About The Messed Up State Of The U.S. Economy

Barack Obama and the Federal Reserve are lying to you. The "economic recovery" that we all keep hearing about is mostly just a mirage. The percentage of Americans that are employed has barely budged since the depths of the last recession, the labor force participation rate is at a 36 year low, the overall rate of homeownership is the lowest that it has been in nearly 20 years and approximately 49 percent of all Americans are financially dependent on the government at this point. In a recent article, I shared 12 charts that clearly demonstrate the permanent damage that has been done to our economy over the last decade. The response to that article was very strong. Many people were quite upset to learn that they were not being told the truth by our politicians and by the mainstream media. Sadly, the vast majority of Americans still have absolutely no idea what is being done to our economy.

Webmaster's Commentary: 

The biggest reality check, for Mike and me, is just going grocery shopping.

Yesterday, I was looking at the relatively small amount of groceries we got, for which we paid a Wiemar-republic sized bill, and the correlation between what we got, and what we paid for it was completely out of whack.

I do not know how people with families are making it, except to get the cheapest foods possible, most probably poisoned with GMO.

And those people who, as their government and banks told them to, have saved all their lives, to see their savings eaten away by inflation?!? They are probably never, ever going to believe anything that any government agency happens to tell them, even, if by wild chance, it is true.

Oct 21 10:03

Greece Is In Full-Blown Stock Market Collapse

As if the world didn't have enough to be worried about (ISIS, Ebola, slowing China, Ukraine, slowing Germany, Fed tightening, etc.) now look what's back: Greece. And in a big way.

The stock market is down over 9% on Wednesday, which is about as big as crashes come.

Oct 21 09:24

WHY ISRAELIS SHOULD JOIN THE BOYCOTT FROM WITHIN

Procter and Gamble (P&G) reduced the contents of a bottle of Head and Shoulders shampoo by 20-33%. The company, which used to marketing the brand in a 750 ml bottle, halted its marketing of this bottle, and began marketing two different bottles: 500 ml and 600 ml. The new bottles are very similar to the old ones, giving the misleading impression that the price was reduced.

Oct 21 08:46

Detroit water shut-offs bring U.N. scrutiny

This United Nations Human Rights team has spent the last three days trying to figure out why the shutoffs are necessary.

Leilani Farha and Catarina de Albuquerque led the mission.

"People are living without dignity it's a human rights violation. the city should restore water to those unable to pay," said a representative of the U.N. team.

The mayor's office admits that for years the water department did a poor job collecting money it was owed. Then, when the city filed for bankruptcy last summer under the weight of its own creditors, the department decided to clamp down.

Oct 21 08:45

Citi hikes fees on checking customers

Beginning in January, monthly fees on Citi rewards checking accounts will increase from $20 to $25, and fees on basic accounts will rise from $10 to $12.

Oct 21 08:28

Golden Jackass Rebuttals to Jim Rickards rant

Some people in our community have wondered exactly whose side Jim Rickards is on. Many have recently argued he is nothing more than a mouthpiece for the globalists. Perhaps we should question anyone who is purporting that an SDR currency could be the solution. That is the solution for the globalist thieves. Meet the new boss, same as the old boss. Mr. Rickards was interviewed by Greg Hunter recently. The below are comments from our friend Jim Willie, whom we believe to be one of the best sources of information that doesn’t work for the parasitic cartel of banking thieves.

Oct 21 08:15

Italian police uncover €1.7bn corporate fraud

Italian police have uncovered a fraud which they say has cost Italian taxpayers €1.7bn (£1.3bn; $2.2bn).

Two businessmen are accused of setting up the scheme, which used false invoices to bill the state for non-existent security, cleaning and other services.

The fraud, which dates back to 2001, involved 62 people, the police say.

Oct 21 08:05

China opens record breaking 4,000 ft long Bridge?

Interesting pictures and a scary little tale at the end

Oct 21 08:01

Will Our Private Savings Be Sacrificed To Pay Down The Public Debt?

Recently, an article by Daniel Amerman caught our attention. Titled Is There A “Back Door” Method For The Government To Pay Down The Federal Debt Using Private Savings?, it details the process known as financial repression, where sovereign debts are slowly paid off by syphoning private savings from an unaware populace.

Webmaster's Commentary: 

The last official act of any government is to loot the nation.

Oct 21 07:51

McDonald's Franchisees Say The Company Is Bankrupting Them

McDonald's franchisees are furious that the company's aggressive promotions and costly restaurant upgrades are squeezing their profits, according to a new survey.

"Growth for McDonald's is over," one franchisee wrote in response to the survey by the financial services firm Janney Capital Markets.

"I am just hoping to be flat," another franchisee said. "[The] customer has lost faith in the brand."

Oct 21 07:19

Nationalize The Federal Reserve

It’s clear that the gold-hoarding, ISIS-funding, Ebola-creating international bankers are bent on destroying America. Their current flurry of wars and interventions is a desperate attempt to both stave off a deflationary depression and to shut down the giant spotlight increasingly being shown upon them.

At their core they are Nazis, so the black Obama provides the perfect fall guy. There is but one rabbit which Obama can pull out of the hat which will prevent both his and our demise.

He must nationalize the Federal Reserve. And he must do it now.

Webmaster's Commentary: 

Obama won't do it. Presidents who stand up to the bankers get shot at, and Obama lacks courage.

Oct 21 07:18

Counterfeit Euro bank notes in circulation in Gothenburg, Sweden

Police in Gothenburg have been about twenty cases involving counterfeit notes in shops and exchange offices in September. Now go out and Gothenburg Police warn of fraud.

Oct 21 07:10

Swedish banks question customers to comply with US tax rule

All Swedish bank customers will soon be required to prove that they do not owe taxes in the United States according to a new agreement between the countries, and some critics claim it may break EU rules.

Oct 21 07:06

HHS-Funded Study: Obamacare Will Suffer ‘Death Spiral’ If Subsidies Fail

The Obama administration has funded a new study by top consulting firm RAND Health that startlingly finds that if taxpayer subsidies are eliminated, Obamacare exchanges will fall into a “death spiral.”

The study comes in the wake of a number of lawsuits which are challenging the Obama administration’s implementation of Obamacare subsidies. Three lawsuits have made it to U.S. Circuit Courts, just one step from the Supreme Court, arguing that the text of the Affordable Care Act allows premium subsidies for state-run exchanges only. (RELATED: Second Court Strikes Down Obamacare Subsidies In Federal Exchanges)

Webmaster's Commentary: 

And that is on top of the 14% jump in premiums for next year!

Click for larger image

Oct 20 13:19

Nearly half of cardholders likely to avoid stores hit by data breaches

As data breaches exposing consumer credit card, debit card and other personal information become more common, nearly half of cardholding shoppers say they're reluctant this holiday season to return to stores that have been hacked, according to a new survey by CreditCards.com.

Forty-five percent of respondents with credit or debit cards said they would definitely or probably avoid one of their regular stores over the holidays if that retailer had experienced a data breach. Sixteen percent said they definitely would not return to a retailer if the store had been hacked and 29 percent said they probably would not shop at such stores. Just one in eight said they are more likely to shop with credit cards this season.

Oct 20 12:13

Up to 34 MILLION blank 'green cards' and work permits to be ordered ahead of Obama illegal immigrant 'amnesty'

U.S. Citizenship and Immigration Services plans to seek a vendor to produce as many as 34 million blank work permits and 'green cards' – the paperwork that authorizes illegal immigrants to live and work in the United States – as the White House prepares to issue an executive order after the Nov. 4 midterm elections.

Oct 20 12:11

One-third of working Americans support two-thirds of the population: The hidden figures of those not in the labor force and transfer payments.

The unemployment rate dropping dramatically has largely been driven by this category expanding and labor force participation is at generational lows. You also have spending growing in the form of military, Medicare, and Social Security that are now eating up a larger portion of the budget. Deficit spending continues to occur in the face of a booming economy. Why? The math shows that one-third of private sector workers are supporting two-thirds of the population.

Oct 20 11:26

We’ll Slash Benefits For 100,000 Families And Young People To Fund Apprenticeships, Says Cameron

A future Tory Government would slash benefits for around 100,000 struggling families and young people to fund more low-paid apprenticeships, Prime Minister David Cameron will pledge on Monday.

Webmaster's Commentary: 

Bringing back Serfdom!

Oct 20 08:04

These Countries Do the Exact Opposite of What America Does When It Comes to Higher Education

Germany made international news last week when they decided to eliminate college tuition entirely (before this, it was less than €1,000-- the equivalent to $1,300-- per year). Meanwhile in the United States, the average per-year tuition cost was $8,655 for an in-state 4-year public college, $21,706 for an out-of-state 4 year public college, and $29,056 for a private 4-year college. The average American college student will graduate with more than $27,000 in debt, and college costs in the U.S. have gone up more than 1100% since 1978 with little sign of leveling off.

In light of Germany's actions, we decided to highlight 5 countries whose approaches towards financing higher education put ours to shame.

Webmaster's Commentary: 

In those other countries, education is just that, education. In the US, education has become just another scam to ensnare the people into banker debt.

Oct 20 08:01

No entry! The 'haves' of a wealthy Michigan suburb who built FENCES across the streets to keep out Detroit 'have-nots'

On one side, there are dilapidated houses, gardens overflowing with weeds and a high crime rate.

On the other, there are streets filled with spacious homes, well-manicured lawns and yoga studios.

This is one of numerous fences that have been erected by the wealthy 'haves' of the Michigan suburb of Grosse Pointe Park to 'prevent 'have-nots' from Detroit from driving into the city.

The brick barrier, reading 'Road Ends', represents a significant divide between the two cities, which despite their proximity, differ greatly in terms of average salary, crime rates and general desirability.

Oct 20 07:49

Russian rouble weakens on debt downgrade

The Russian rouble has weakened further against the dollar following a downgrade of the country's debt rating by the ratings agency Moody's.

Webmaster's Commentary: 

Moody's being one of the ratings agencies that assured us those mortage-backed securities were a sweet deal back in 2008!

Oct 20 07:02

Exclusive: Obama Administration Quietly Prepares 'Surge' Of Millions Of New Immigrant IDs

Despite no official action from the president ahead of the election, the Obama administration has quietly begun preparing to issue millions of work authorization permits, suggesting the implementation of a large-scale executive amnesty may have already begun.

Oct 19 08:30

U.S. Debt Held by Foreigners Hits Record $6.07 Trillion

This is not going to end well. Foreign holdings of U.S. Treasury securities hit a record high $6.07 trillion in August. Japan added more than $11 billion to its stockpile,while China and Belgium, a proxy trader for Beijing, added a net $12 billion to its holdings. If foreign countries stop buying US debt, never mind selling any off, it is going to be a disaster for US bond markets.

Oct 19 07:06

Obamacare ‘bronze’ plan premiums expected to jump 14% in 2015

Obamacare “bronze” plan owners may be in for a shock next year. Investors predict the cheapest healthcare offering under the Affordable Care Act could jump nearly 14 percent in price.

In an analysis of expected rates for the biggest 15 cities in the nation, including Washington, D.C., Investor’s Business Daily reported Friday that the cost for the plan could increase by an average of 13.9 percent for 40-year-old non-smokers earning 225 percent of the poverty level.

Webmaster's Commentary: 

And now you know why Obama isn't officially announcing the 2015 Obamacare prices until after the election!

Oct 19 06:54

Ban Ki-Moon: 2.4 Billion People Survive on Less Than $2 a Day

UN Secretary-General Ban Ki-Moon said on the International Day for the Eradication of Poverty that the number of people living on less than $2 a day is estimated at 2.4 Billion after the 2008 financial crisis.

Webmaster's Commentary: 

"Well, if those other nations can do that, why can't we?" -- Official White Horse Souse

Oct 18 09:29

Kickstarter Freezes Anonabox Privacy Router Project for Misleading Funders

On Friday afternoon Kickstarter suspended the crowdfunding campaign for Anonabox, an initiative to sell a tiny, $45 router that would run all a user’s online traffic over the anonymity network Tor. The idea tapped into an explosive demand for simple privacy technology, and earned more than 10 times its modest goal in hours. But as funders shoveled more than half a million dollars into the project, they also began to pick apart Anonabox’s claims of creating custom hardware, as well as the promised security of its software. Soon, many were calling for the project to be cancelled, and asked others to report its shortfalls to Kickstarter staff, who now say they’ll cancel all investors’ pledges.1

Oct 18 08:34

It's Starting: Russians and Chinese Are Ditching the Dollar and Europeans Are Using Renminbi in Their Reserves

From the throne of the world’s reserve currency, the Federal Reserve, with the power to print the US dollar, feels dangerously omnipotent.

They can get away with just about anything. For now.

The central bankers get to print dollars and spend them at current prices, before the stuff hits the wider market and diminishes its overall value.

And for the time being they don’t really face any consequences. The whole world just absorbs it. Other countries really have no other choice.

But they’re getting tired of putting up with this abuse, and the unrest is growing. New alliances are being made, this time to dethrone the dollar.

Just this week yet another currency swap agreement was made between the Chinese and Russian central banks. This time for 150 billion renminbi.

Webmaster's Commentary: 

It is not a question of IF the US dollar is going to fall and fail; it is a question of when.

And to attempt to prevent that, look for this country to enter into wars it most likely cannot possibly win, with an horrific cost in blood and money.

Oct 18 08:28

The Pauperization of Workers in the UK and America

Here is what happened: workers benefited from rising real incomes during the three quarters of deflation in 2009 – which probably was responsible for firing up moribund consumer spending. But it didn’t last long. In 2011 and 2012, a burst of inflation took it all away again.

It’s only during periods of low inflation or actual deflation that modern American workers get real wage increases. Turns out, the mix of slight inflation and slight deflation is good for workers!

But there is another huge group of people that has been taken to the cleaners: savers. These conservative investors don’t want to lose, in rigged financial markets, 30% or 40% or 50% of what little they have during the last 10 or 20 or 30 years of their lives. Unlike young folks, they have no way of ever re-earning their hard-earned money a second time, so to speak.

Webmaster's Commentary: 

Absoflippinglutely unbelievable!!

Oct 18 08:27

It's Starting: Russians and Chinese Are Ditching the Dollar and Europeans Are Using Renminbi in Their Reserves

At present, US dollar accounts for roughly 61% of the world's foreign exchange reserves.

It's still a safe bet for most, not because the currency is actually strong, but because so many others are already so reliant on it.

Between those with reserves in and pegs to the US dollar, many countries have given their allegiance, and now have a vested interest in the health of the currency.

Due to this common interest, a sort of unofficial, involuntary alliance has been formed between them all.

Together, they’re all playing along, pretending that everything is fine. If the dollar collapses, they're all screwed, so they've got to get each other’s backs.

From the throne of the world’s reserve currency, the Federal Reserve, with the power to print the US dollar, feels dangerously omnipotent.

They can get away with just about anything. For now.

Oct 18 08:26

Shanghai Cooperation Organisation Goes Beyond Security to Include Trade

China recently reaffirmed that it backs India and Pakistan becoming members of the Shanghai Cooperation Organisation (SCO). At the 14th meeting of the Council of Heads of States of SCO on 12 September, Chinese President Xi Jinping called for full membership for SCO observers, including India and Pakistan.

Oct 18 08:05

More Than a Third of Oakland's Fast Food Workers Can't Afford Food

A new study of Oakland workers shows exactly how low the wages are in the fast food industry. Restaurant Opportunites Center United conducted a survey of 500 restaurant workers from August 2013 to July 2014 and found that 36 percent did not make enough money to buy food for themselves and their families, while more than half said they were eating free meals at their jobs only because they couldn't afford to pay for their own food.

Oct 18 08:00

Microsoft to cut 18K jobs worldwide

The US software giant Microsoft has announced plans to slash 18,000 jobs from its global workforce in 2015, the largest cuts in the company’s 39-year history.

Oct 18 07:59

Putin urges Europe to help Kiev cover gas debts

The Russian President Vladimir Putin has called on Europe to provide Ukraine with a loan so that Kiev can cover its gas debts.

Oct 18 07:24

Judicial Watch: Obama to Admit Non-Citizens for Ebola Treatment

The government watchdog group Judicial Watch alleged Friday the Obama administration is formulating plans to admit Ebola-infected non-U.S. citizens into the United States for treatment.

The group, which cited one unidentified source, said the administration would aim to bring Ebola patients into the United States for treatment within the first days of diagnosis, and that it’s not clear who’d pay either for the transportation or treatment.

Oct 18 07:23

With Ebola scare, travel industry hits rough patch

With a series of embarrassing accidents in its wake, the $37.1-billion cruise industry was looking forward to a strong booking season this winter.

Instead, cruise operators are facing the same crisis that has shaken the airline industry: Ebola.

Oct 18 07:00

Obama’s credit card denied at restaurant on New York City trip

President Obama came perilously close to having to wash some dishes on his recent trip to New York.

Mr. Obama revealed Friday that his credit card was rejected when he went to pay for his meal at a New York restaurant during the U.N. General Assembly gathering last month.

“Apparently they thought there was some fraud going on,” Mr. Obama joked at a meeting Friday with employees of the Consumer Financial Protection Board, adding that “even I am affected” by the difficulties of dealing with the American financial system. The remarks were picked up by the C-SPAN feed of the event.

Oct 17 07:44

Over 48 million Americans live in poverty

Over 48 million Americans live in poverty, according to a special report by the Census Bureau Thursday. It provides an alternative look at the worst off people in the nation than the official numbers that come out in September.

Government programs such as food stamps do help some people, especially children, but even so 16% of American children are living in poverty, according to the supplemental report.

Oct 17 07:36

The Ebola Effect Arrives: Half Of Americans Will Avoid International Air Travel Out Of Ebola Fears

Remember when Obama said "Putin was isolated", despite the Russian having the explicit support of the BRIC nations, and thus at least half of the world's population? Well, as irony would always have it with this particular US president, the tables have promptly turned, and paradoxically where ISIS failed to "terrorize" Americans into a state of paralyzed daze, the West African virus has succeeded in isolating none other than America, and as a brand new Reuters poll reveals, nearly half of Americans are so concerned about the Ebola outbreak that they are avoiding international air travel!

In other words, global trade, commerce and simply transit, already declining thanks to the global depression rematerializing now that the Fed's latest placebo round has worn off, are about to slam into a brick wall.

Oct 17 07:05

WikiLeaks: US pushes to extend drug monopolies in secret proposed trade deal

Excerpts from a proposed international trade agreement leaked to the web this week suggest that the United States is pushing for changes that would make it more difficult to get life-saving drugs overseas.

Oct 17 06:31

HUGE FEMA PANDEMIC EXERCISE IN USA IN NOVEMBER

FEMA IS PLANNING TWO HUGE PANDEMIC EXERCISES IN CONJUNCTION WITH THE FINANCIAL SECTOR IN NOVEMBER

Webmaster's Commentary: 

"PROTECT THE MONEY! FUCK THE PEOPLE! PROTECT THE MONEY!" -- Official White Horse Souse

Oct 16 14:31

Leaked TPP Chapter Exposes Sweet Deals for Big Pharma and US Bully Tactics

WikiLeaks on Thursday released a second updated version of the Trans-Pacific Partnership (TPP) Intellectual Property Rights chapter, charging that it will hinder affordable access to medicines globally, increase online surveillance, and impinge on civil liberties while benefiting Big Pharma and other corporate interests.

"Our first impression in reading the document is the extent to which the United States has sought hundreds of changes in intellectual property norms, some small and subtle, others blunt and aggressive, nearly of all of which favor big corporate right holders, and undermine the public’s freedom to use knowledge," declared James Love of Knowledge Ecology International.

The TPP is the world's largest economic trade agreement that will, if it goes into effect, encompass more than 40 percent of the world's GDP. The IP chapter covers topics from pharmaceuticals, patent registrations, and copyright issues to digital rights.

Oct 16 12:30

Did The Saudis Just Get A Tap On The Shoulder?

The US-Saudi "secret" plan that was supposed to crush Putin quickly turned sour when as we reported several days ago, one after another America's own shale plays, which recently entered a very sharp bear market, started appearing on various death watches (case in point today's MHR Second Lien refi which repriced from L+500 to L+750 in minutes).

As a result, one wonders: did Obama realize that Russian "costs" which as everyone knows by now include a Eurpoean triple-dip recession, could also very soon include an insolvent US shale industry, and thus may be just a little too much, and, one further wonders, if he is the one who just tapped Saudi Arabia on the shoulder?

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