ECONOMY | WHAT REALLY HAPPENED

ECONOMY

Jul 28 17:25

Crypto Is Part of Free Speech, and Free Speech Is Everything

By Graham Smith

On July 23, U.S. Attorney General William Barr gave a speech demanding big players in the tech industry work with government agencies in providing backdoor entry points for encrypted devices and software. Per his reasoning, certain devices and messaging services pose a safety threat by providing a secure, third-party-inaccessible area where crime can rapidly proliferate. He didn’t note that this “warrant-proof encryption” also protects journalists, researchers, and individuals in areas of political unrest living under corrupt governments. Secure encryption also protects and verifies the financial assets and transactions of cryptocurrency holders everywhere. If strings of code — ideas, in essence — are now being made illegal, it would appear that a brand new battle for humanity’s free expression is just beginning...

Jul 28 12:26

OVERTAXED: The Middle Class Is Being Wiped Out, NJ Residents Flee In Droves

By Mac Slavo

New Jersey residents are fleeing their state in droves thanks to the over taxation and immense financial burden placed on them by their socialist state government. In addition to the already sky-high federal tax that we are all forced to pay, those in New Jersey are struggling to make enough money to live after the state also steals a cut of their income.

The SALT (state and local tax) cap has hit high-tax states like New York, California, and New Jersey particularly hard because these states steal a higher portion of an individual’s income...

Jul 28 12:10

Fed Needs a Half Point Cut Now, and More Soon

Jul 28 12:09

Unbanked for Buying Bitcoin: How the Financial System Criminalizes Crypto

By Kai Sedgwick

When we think of the unbanked, we envisage citizens of developing nations who lack the means and documentation to obtain access. But you don’t have to be a Mongolian goat herder to find yourself financially excluded. In the West, relatively affluent citizens are having their banking services withdrawn suddenly and without warning. Their ‘crime’? Buying and selling bitcoin.

The story of my banking blockade isn’t tragic or deserving of sympathy. But it warrants telling nonetheless, for it will be familiar to a number of readers who have bought or sold bitcoin. If this can happen to me, it can happen to anyone...

Jul 28 10:51

Food For Trash: India Café To Offer Food For Plastics, Then Use To Build Roads

By Aaron Kesel

Next month, the central Indian state of Chhattisgarh in the city of Ambikapur will open the country’s first “garbage café,” where attendants will be able to recycle their plastic waste and get a free meal, Reuters reported.

In various parts of the world, similar cafés have opened in countries including some parts of the US, Lithuania, Cambodia, and Belgium. Now it’s India’s turn to get involved in the food for trash business...

Jul 28 10:07

Central Bank Action Could Send Oil Higher

Jul 28 10:05

5 of the Most Important Use Cases for Cryptocurrency

By Kai Sedgwick

Crypto assets have come a long way since Bitcoin. What started out as a P2P payment system has spawned an array of use cases that extend far beyond the original designation of cryptocurrency. While the primary function of crypto assets such as ETH and BTC is a matter of some debate, what’s indisputable is that digital currencies can now be used for more than merely paying for goods and services. Here are five use cases for crypto assets that demonstrate the extent of the fintech revolution taking place...

Jul 27 15:24

Debt Albatross Already Hurting Economy

Jul 27 11:16

Fed Rate Cuts and a Teetering Global Economy

Jul 27 11:15

How Our Culture Disempowers Teens

By Kerry McDonald

Teenagers are able to accomplish remarkable things when given freedom and opportunity. Instead, our culture systematically underestimates teenagers, coddling them like toddlers, confining them to ever more schooling, and disconnecting them from the adult world they will soon enter...

Jul 27 09:12

The Federal Government Sold Your Social Security Number for FIVE Dollars

By Simon Black, Sovereign Man

Do you remember back in 2017 when Equifax (the giant consumer credit agency) admitted that it had been breached? Hackers broke into Equifax’s databases and stole personal and financial records of 147 million people. And we’re talking EVERYTHING– names, addresses, Social Security Numbers… all the ingredients that an identity thief needs to destroy your life.

Last week Equifax was fined $700 million by the US Federal Trade Commission.

Less than half of the money will be earmarked for victims; the rest will end up in the government’s pocket...

Jul 27 08:53

10,000 American Cryptocurrency Owners Will Receive Warning Letters From the IRS

By Jamie Redman

On July 26, the U.S. Internal Revenue Service (IRS) announced that the tax agency has started sending letters to American cryptocurrency owners advising them to pay their taxes. According to the organization, three types of letters will be sent to more than 10,000 taxpayers by the end of August. The news follows the recent IRS taskforce slide that shows alarming recommendations on how tax agents should investigate digital currency users...

Jul 27 08:43

Ministry of Defence wastes £113million of taxpayers’ cash on military spending blunders

THE MINISTRY OF DEFENCE has blown £113million on military spending blunders including £15million on a simulator for an RAF Tornado yet which is no longer being used, a new damming report has revealed.

On top of the £15million, a further £4million was spent on unused travel bookings, according to a report on military spending errors. In total, the report shows that defence chiefs have wasted £113million on schemes despite fears that the UK is short of troops and fighting equipment. The cash waste has been revealed in the Ministry of Defence’s (MoD) annual reports and accounts and comes at a time that the department is appealing for billions more in funding.

Jul 26 18:05

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

By Jake Johnson

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

Jul 26 11:16

"Credit Card Splurge" Suggests Imminent Storm

Jul 26 09:58

Stocks No Bid – Gold No Offer

Jul 26 09:28

Is a Bad Moon Rising for the Stock Market?

Jul 26 09:26

The $6 Trillion Pension Bailout Is Coming

Jul 26 08:41

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

By B.N. Frank

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

Jul 26 08:39

The Pension Fund Apocalypse

By Colin Lloyd

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

Jul 26 08:29

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

Jul 26 08:26

How Government Agencies Make Criminals of Crypto Traders

By Graham Smith

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

Jul 26 07:25

Recent Bull Market Bypasses Retirees

Jul 25 20:13

‘Bull Markets Die On Euphoria’

Jul 25 17:50

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

By Trace Mitchell

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

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

Jul 25 17:38

The $6 Trillion Pension Bailout Is Coming

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

Jul 25 17:18

Venezuelan Government Accused of Using Bitcoin to Bypass US Sanctions

By Jamie Redman

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

Jul 25 11:25

Nissan to cut 12,500 jobs worldwide

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

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

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

Jul 25 11:23

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

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

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

Jul 25 11:20

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

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

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

Jul 25 09:54

Job Losses Hit As Shale Slows Down

Jul 25 08:49

Are We in Recession Yet?

Jul 25 08:11

Want to Fix Health Insurance? Start With the Tax Code

By Ethan Lamb

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

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

Jul 25 06:52

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

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

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

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

Jul 25 06:38

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

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

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

Jul 24 19:36

Rickards Warns: Robo-Trading Will End In Disaster

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

Jul 24 19:34

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

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

Jul 24 16:47

A 'tsunami of poverty' is coming for retirees

Jul 24 15:51

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

By Matt Agorist

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

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