ECONOMY | WHAT REALLY HAPPENED X-Frame-Options: SAMEORIGIN

ECONOMY

Dec 07 11:58

China's Digital Currency: A Warning to the World Part 1

Dec 07 10:18

DEFAULT: Another Domino Falls In China!

Dec 07 09:36

Oregon's Governor Just Killed Whatever Tourism Industry The State Had

Oregon is implementing a continual indoor mask mandate for residents, state health officials stated on Thursday.

The Oregon Health Authority met with a Rules Advisory Committee to address the mandates moving forward. The conference included community stakeholders like business owners and spiritual leaders and lasted for about two hours, according to KATU 2 ABC.

"Permanent means indefinite. It doesn't necessarily mean permanent," Dr. Cieslak announced. "We can repeal it as well, but we are only allowed to have a temporary rule for 180 days, and anything that goes beyond 180 days, we cannot extend it."

Dec 07 08:23

Canadian employers, facing labor shortage, accommodate the unvaccinated

Canada’s tight labor market is forcing many companies to offer regular COVID-19 testing over vaccine mandates, while others are reversing previously announced inoculation requirements even as Omicron variant cases rise.

Canadian Prime Minister Justin Trudeau’s government adopted one of the strictest inoculation policies in the world for civil servants and has already put more than 1,000 workers on unpaid leave, with thousands more at risk.

Airlines, police forces, school boards, and even Canada’s Big Five banks have also pledged strict mandatory vaccine policies. But following through has proven less straightforward, especially as employers grapple with staffing shortages and workers demand exemptions.

Dec 07 08:19

Big Food says the ‘transition’ to the new world order food system is already well underway

A coalition of the World’s largest multi-national corporations is working to manipulate you into eating more “equitable” food though a business strategy designed to help major “food players” and other large businesses facilitate “the coming food systems transition.”

They plan to do so with the help of a new strategy that assesses the supposed morality of individual food items and uses that metric to make business decisions and levy performance reviews.

The World Business Council for Sustainable Development calls itself “the premier global, CEO-led community of over 200 of the world’s leading sustainable businesses working collectively to accelerate the system transformations needed for a net zero, nature positive, and more equitable future.”

Dec 07 07:55

DON’T SAY WE DIDN’T WARN YOU: PROGRAMMABLE DIGITAL

Every now and then one of our regular "story spotters" finds a story we missed or that for whatever reason we did not blog about when it first appeared. That's the case with this story, but it's also a case of "don't say we didn't warn you."

"Warn us about what?" some might ask.

Dec 07 07:53

Devin Nunes Leaving Congress To Become Trump Media SPAC CEO

10-term congressman Rep. Devin Nunes (R-CA) announced his retirement from Congress at the end of this month to serve as CEO of the Trump Media & Technology Group.

"Recently, I was presented with a new opportunity to fight for the most important issues I believe in. I’m writing to let you know I’ve decided to pursue this opportunity, and therefore I will be leaving the House of Representatives at the end of 2021," Nunes said in a vaguely worded Monday statement.

Dec 07 07:26

West threatens Putin with 'united front' of reprisals over Ukraine: Boris Johnson joins Biden, Merkel and Macron warning Kremlin of 'significant harm' to Russian economy with sanctions if he invades - but they will stop short of military action

Western leaders last night vowed to form a 'united front' over Russian threats and hostility toward Ukraine.

The leaders of the US, UK, France, Italy and Germany called on Moscow to de-escalate tensions ahead of a key phone call between Vladimir Putin and Joe Biden today.

They discussed a package of sanctions against President Putin's regime should he invade Ukraine, with Boris Johnson vowing to use all 'economic and diplomatic tools at the UK's disposal'.

Dec 06 14:30

A Couple Stored IRA Gold at Home. They Owe the IRS More Than $300,000

It’s official: Owners of individual retirement accounts with assets invested in gold and silver coins can’t store them in a safe at their home.

So ruled the judge in a recent Tax Court case, Andrew McNulty et al. v. Commissioner. The decision will cost Mr. McNulty and his wife Donna dearly—taxes of nearly $270,000 on about $730,000 of IRA assets, plus penalties likely to exceed $50,000.

The ruling disallows a scheme that was heavily promoted several years ago, when radio and internet ads touted the benefits of using IRA assets to buy gold and silver coins and then store them at home or in a safe-deposit box. Promoters based pitches on a perceived ambiguity in the law, despite warnings from the Internal Revenue Service and legal specialists.

Dec 06 12:10

'Smash & Grab' Crimes Grow This Much As White House Downplays Significance

A surge of robberies across the U.S. has jolted businesses, urging owners and leaders to take precautions to preserve brick-and-mortar shops amid a busy holiday shopping season.

Stores and malls in San Francisco, Los Angeles, Chicago and other metropolitan areas have been the targets of flash mob robberies, break-ins and vandalism.

Specialists who spoke with The Hill said that the uptick of online shopping during the pandemic has added to the increase in these kinds of wrongdoings.

Dec 06 11:54

Evergrande DEFAULT confirmed, global financial CONTAGION now imminent

Dec 06 11:44

Biden Mulls Cutting Russia Off SWIFT Ahead Of Putin Call In "Nuclear Option" Ukraine Response

CNN and others are reporting just a day ahead of the much anticipated video call between Russian President Vladimir Putin and US President Joe Biden that the White House is mulling "nuclear option" level actions against Moscow should it launch a military offensive against Ukraine - which US intelligence has lately said could be imminent based on assessing that some 175,000 troops have been mustered in the Crimea and regions near Ukraine's eastern border.

This includes discussion of the possibility of disconnecting Russia from the SWIFT international payment system, seen as the most drastic potential measure which further includes fresh sanctions on Putin's inner circle and on Russian energy producers.

The Kremlin has of course vehemently rejected the Ukraine threat accusations, saying it's free to move its own troops wherever it sees fit within the Russian Federation's sovereign territory and borders.

Webmaster's Commentary: 

Cutting Russia off from SWIFT will not lead to a calm discussion!

Dec 06 10:57

Democrats see Christmas goal slipping away

The goal for Democrats was to pass President Biden's sweeping climate and social spending package by Christmas, but that is slipping away as the Senate bogs down in one time-consuming fight after another.

Democratic senators are growing increasingly doubtful that Senate Majority Leader Charles Schumer (D-N.Y.) will be able to meet his Christmas deadline because several major disagreements are holding up the Build Back Better Act, including a fight over lifting the cap on state and local tax (SALT) deductions.

Schumer told reporters last week that his goal is to bring the $2 trillion bill to the floor the week of Dec. 13, but that timeline will be tough to meet because negotiators have a lot left to work out and Congress will also have to raise the debt ceiling by Dec. 15, which will distract attention from Biden’s agenda.

Dec 06 10:46

Why $50 billion in chip funding has stalled in Congress

Legislation is sort of like fish: If it lies around too long, lawmakers can start to lose interest.

The billions of funding for much-needed semiconductor manufacturing under consideration by Congress hasn’t quite passed any reasonable expiration date. But the package of legislation it’s tied to, called the U.S. Innovation and Competition Act or USICA, remains just an idea nearly a half year after it was passed by the Senate in June.

To resuscitate efforts, Secretary of Commerce Gina Raimondo urged the House of Representatives last week during a stop in Detroit to pass roughly $50 billion worth of subsidies. Two days later, 59 corporate executives, including Apple CEO Tim Cook, General Motors top boss Mary Barra and Intel chief executive Pat Gelsinger, sent a letter to Congressional leadership with a similar plea: It needs to act—fast—to restore American competitiveness in chip manufacturing.

Dec 06 10:46

Americans in these states could receive extra stimulus checks of $2,000 if they return to work

Americans in some states could be in line to receive an extra stimulus check worth up to $2,000 if they return to the workplace.

The governors of Arizona and Kentucky were among lawmakers to launch initiatives — months before federal unemployment assistance payments ended on Sept. 6.

Republican Doug Ducey of Arizona proposed the Back to Work Plan in May.

Americans who landed a full-time job would receive a one-time stimulus check of $2,000, while there was a $1,000 cash payment for people who scored part-time positions.

Ducey wanted to get as many people as possible in the state to rejoin the workforce by Labor Day — Sept. 6, KOLD 13 reports.

Introducing the scheme, he said: “With ample supplies of the COVID-19 vaccine on hand and millions of Arizonans vaccinated, people feel safer and are finally returning to life in Arizona as we knew and loved it before.

“People are back in the office, restaurants are at full capacity and tourists are flocking to our state.”

Dec 06 10:33

Trump's Social Media Company Raises HUGE Sums

Former President Donald Trump's latest effort to build his own social media company will get $1 billion in new investments.

On Saturday, Trump's latest investment, the Trump Media & Technology Group, declared that it has achieved $1 billion in new investments as it makes efforts toward becoming traded through a blank check company.

"$1 billion sends an important message to Big Tech that censorship and political discrimination must end," Trump announced in a press statement. "America is ready for TRUTH Social, a platform that will not discriminate on the basis of political ideology. As our balance sheet expands, TMTG will be in a stronger position to fight back against the tyranny of Big Tech."

Dec 06 08:23

China To Cut RRR "Within A Week" As Evergrande Braces For Imminent Default

Last Friday, just as markets were set to crater, during a meeting with IMF Managing Director Kristalina Georgieva, China's Premier Li hinted at a potential RRR cut in the near term to support the real economy. Li's comment comes amid sluggish activity growth - the economy struggled with downward pressures from property slowdown, the lingering drag from “dual controls” policy and power shortage, and multiple waves of local outbreaks of Covid-19.

Specifically, Premier Li commented that "China would maintain prudent macro policy, enhance policy effectiveness and pertinency, keep liquidity at reasonable and adequate levels, cut RRR when appropriate to increase support to the real economy and in particular SMEs".

Dec 06 08:23

Trump Social Media Venture Raises $1BN At Valuation Near $4BN

Many traders were stunned to learn on Wednesday that Trump's social media venture was seeking to raise as much as $1 billion in a PIPE financing, with Reuters reporting that Trump was personally calling some investors to ask them to make a commitment of more than $100 million as it now appears that "allocating capital to a Trump SPAC" is the new "donating to the Clinton foundation". The reason for the surprise is that while the original SPAC deal from September valued Trump Media at $875 million (including debt) just two months later the company is now seeking to raise up to an additional $1 billion at a valuation of close to $4 billion, to reflect DWAC's rally after the stock soared in its first few days of trading as some speculated it could emerge as a twitter competitor.

Dec 06 07:51

Biden Says He’ll Make It ‘Very Difficult’ for Putin on Ukraine

On Friday, President Biden said he is working with allies to make it “very, very difficult” for Russian President Vladimir Putin to order an invasion of Ukraine. The US has been claiming Russia is preparing to move into Ukraine, but Moscow strongly denies the accusation.

“What I am doing is putting together what I believe to be … the most comprehensive and meaningful set of initiatives to make it very, very difficult for Mr. Putin to go ahead and do what people are worried he may do,” Biden said.

Biden said he’s been in “constant contact” with European allies and Ukrainian officials over the issue. On Wednesday, Secretary of State Antony Blinken threatened sanctions against Russia if it invaded Ukraine. NATO Secretary-General Jens Stoltenberg also suggested alliance members could hit Russia with sanctions.

Dec 06 06:38

The Future Of Food Is Now An ETF

As if there wasn't an ETF for literally everything already...

On Thursday of this week, VanEck announced it would be launching a "future of food" ETF that will trade under the ticker YUMY. The actively managed product is going to "provides exposure to companies engaged in agri-food technology and innovation".

VanEck says that YUMY "is the first VanEck ETF to incorporate bottom-up, fundamental company research" and is going to be managed by Shawn Reynolds and Ammar James.

Reynolds, who already oversees VanEck's Environmental Sustainability and Natural Resources Equity Strategies, said: “The growing global population and the concurrent threats from climate change are driving the need for more sustainable agri-food processes and technologies in order to provide for a future with more affordable, nutritious and safe food for all."

Dec 05 08:22

Economy 'Rehab' Was A Bust In November

In November, the economy added only 210,000 new jobs, far less than the half-million expected.

The depressing news from the poll of establishments issued by the Bureau of Labor Statistics Friday revealed a loss of momentum in job gains, which had been strong the previous two months.

Dec 05 07:26

'If We Don't Stop It, This Country Will Not Survive': Chip Roy Issues Dire Warning On House Floor

In House floor remarks tonight, Rep. Chip Roy (R-TX) warned against high levels of spending by the government.

Dec 05 07:03

FLATTENING THE CURVE OR FLATTENING THE GLOBAL POOR? HOW COVID LOCKDOWNS OBLITERATE HUMAN RIGHTS AND CRUSH THE MOST VULNERABLE

Marketed as life-saving public health measures, lockdowns triggered death and economic devastation on a global scale while doing little to slow the spread of Covid-19. Now, they’re back with a vengeance.

In October 2021, it seemed as though the lockdowns that still paralyzed societies from Australia to New Zealand and Singapore were coming to an end, as these countries threw in the “Zero-COVID” towel following a year and a half of rolling restrictions and closures.

But with COVID-19 cases rising in Europe, several countries are implementing lockdowns all over again, often with clearly punitive motivations.

This November, Austria’s government announced that police would enforce a lockdown exclusively against unvaccinated citizens. Following days of massive protests, the policy was extended to everyone, with steep fines and even prison sentences to be imposed on those who refuse to comply, and a compulsory vaccination requirement tacked on for good measure.

Dec 05 06:51

Russia Is Primed for a Persian Gulf Security ‘Makeover’. The Multi-trillion Dollar Chalous Gas Field in the Caspian Sea.

It’s impossible to understand the resumption of the JCPOA nuclear talks in Vienna without considering the serious inner turbulence of the Biden administration.

Everyone and his neighbor are aware of Tehran’s straightforward expectations: all sanctions – no exceptions – must be removed in a verifiable manner. Only then will the Islamic Republic reverse what it terms ‘remedial measures,’ that is, ramping up its nuclear program to match each new American ‘punishment.’

The reason Washington isn’t tabling a similarly transparent position is because its economic circumstances are, bizarrely, far more convoluted than Iran’s under sanctions. Joe Biden is now facing a hard domestic reality: if his financial team raises interest rates, the stock market will crash and the US will be plunged into deep economic distress.

Panicked Democrats are even considering the possibility of allowing Biden’s own impeachment by a Republican majority in the next Congress over the Hunter Biden scandal.

Dec 04 11:34

The “Damned Lies” that Unemployment Tells

Dec 04 09:52

I think someone just got liquidated...

Dec 04 08:58

‘Ukraine’s richest man’ faces criminal prosecution over Zelensky's claims

Hundreds of criminal cases will soon be launched against companies linked to one of Kiev's most high-profile businessmen, Rinat Akhmetov, after he was accused of being behind a failed bid to oust the Ukrainian government.

Writing in a Facebook post on Thursday, the country’s Prosecutor General Irina Venediktova said that “an unusual show” had been playing out in recent weeks, with President Volodymyr Zelensky accusing Akhmetov of plotting to stage a Russian-backed coup attempt. “I don’t think that in a public and political storm, the office of the Attorney General should sit aside,” she went on.

“I will repeat and emphasize,” Venediktova wrote, “I am not calling anyone an assailant, an oligarch or an offender, but I do have the right at such a pivotal moment for the country to activate the investigation of a whole number of criminal proceedings…regarding entities from the orbit of the owner of several famous TV channels, coal enterprises, and energy companies.”

Dec 04 08:55

The taper that never was

Dec 04 08:45

Israel: Owner of Beitar Jerusalem FC arrested for alleged crypto fraud and sex crimes

Israeli police have arrested Moshe Hogeg, the owner of anti-Arab football club Beitar Jerusalem and crypto mogul, over money laundering, fraud and sexual offences.

Hogeg, who bought Beitar Jerusalem in 2018, one of Israel's top football clubs, was arrested with seven other businesspeople on Thursday, following extensive investigations by Lahav 433, a police anti-corruption unit that tackles financial crimes.

Lahav 433 said the suspects had pocketed tens of millions of shekels through deception and tricking investors into pouring money into cryptocurrency investments that Hogeg had opened.

The Israeli police arrested Hogeg and a family member at Beitar Jerusalem's office. Homes and offices of the other suspects were also raided, to collect evidence.

Dec 04 08:22

The Decline of U.S. Car Production

Dec 04 07:48

US & Global Markets: It’s Do-Or-Die Time

Dec 03 13:21

Chinese govt summons Evergrande boss as firm’s debts mount

Chinese authorities have summoned the founder of Evergrande, once China's top-selling developer which is now on brink of default, after the firm announced earlier on Friday it may be unable to repay its debt.

The real estate developer received a demand under a $260 million guarantee obligation, which it may be unable to repay due to insufficient funds, the company announced in a filing to the Hong Kong stock exchange.

It added that repayment dates under other agreements may also have to be postponed.

Dec 03 11:06

Unvaccinated Sit-In Shuts Down Panera in NYC

Activist July Maury tells about discrimination against the disabled and the unvaccinated:

“I fought to get more access for people with disabilities in this city…this Panera is one of the few places I can get into (with my wheelchair)… I don’t have the vaccine card so now even the places I can get into I can’t get into. I’m thirsty, I’m hungry and I can’t participate, I can’t give them my money. I want to give them my money and I can’t. This doesn’t make sense. This is a civil rights issue, a human rights issue.”

By Michael Kane

Unvaccinated NYC activists forced a Panera Bread in Manhattan to shut down yesterday when they demanded the restaurant serve them and allow them to sit and eat in the establishment. At least 50 police officers descended on Panera but ultimately did nothing as the owners of the establishment made the decision to shut it down before 6pm when they regularly stay open till 10pm...

Dec 03 10:01

China Evergrande gets $260 mln demand, warns of non-payment

Indebted real estate developer China Evergrande (3333.HK) has got a demand under a $260 million guarantee obligation, the company said on Friday, adding it may be unable to repay due to a liquidity crisis that has gripped China's property sector.

Dec 03 07:41

EVIL IS THE ROOT OF ALL FIAT MONEY

Dec 03 06:22

U.S. Senate passes bill to avert government shutdown, sends to Biden for signature

The Democratic-controlled U.S. Senate on Thursday passed a bill to fund the government through mid-February, averting the risk of a shutdown after overcoming a bid by some Republicans to delay the vote in a protest against vaccine mandates.

The 69-28 vote leaves government funding at current levels through Feb. 18, and gives Democratic President Joe Biden plenty of time to sign the measure before funding was set to run out at midnight on Friday.

The Senate acted just hours after the House of Representatives approved the measure, by a vote of 221-212, with the support of only one Republican.

Dec 03 05:49

The Fed Admits It Has Lost Control

Like any junkie with an addiction, the first step is admitting that you have a problem.

It was no sooner than Paul Krugman came out less than two months ago declaring a win for what he called “Team Transitory” that Jerome Powell sat in front of a Senate panel and was forced to admit he had a problem.

Powell seemed to come to terms yesterday that he was stuck between a rock (brutal, unrelenting consumer inflation) and a hard place (the inability to raise rates or taper without fuck-tangling the entire economy and capital markets).

The Fed Chair admitted in front of a Senate panel yesterday that “it’s probably a good time to retire” the word “transitory” to describe inflation.

Dec 03 05:48

Danske Bank Slaps 'ESG' Label On 95% Of Its Funds As Top Banker Speaks Out Against "Greenwashing"

One of the most disturbing developments on Wall Street in recent years is how the "green cult" has managed to infiltrate the culture, forcing firms to drum up ESG-branded offerings or risk losing clients to better-prepared rivals.

But like any other fad, the shift to ESG, and the pressure investors are putting on "dirty" oil and gas companies (not to mention coal) has had side effects that are more serious, and others that are more or less benign.

In the "serious blowback" camp is the fact that the backlash against traditional energy companies and the new orientation in Washington has helped drive inflationary pressures to their highest level in 3 decades (more on that here) by weighing on US supplies of crude oil.

The truth is there simply aren't enough truly "green" assets to go around, which is why Wall Street is scrambling to label any old company "green" based sometimes on little more than promises.

Dec 03 05:47

Oil Crashes After OPEC+ To Proceed With Planned 400Kb/d Output Hike

An earlier trial balloon of a smaller 200k b/d production hike was been popped as Russia moves with a formal proposal for OPEC+ to lift oil output by 400,000 b/d for January, sending oil markets crashing.

Energy Intel's Deputy Bureau Chief & Chief Opec Correspondent Amena Bakr confirms that "All ministers appear to be in agreement with an increment of 400k for Jan (i.e. a rollover of the current policy)" according to sources.

Dec 02 15:01

Increased Consumer Spending Among Scarcity

Dec 02 13:19

Inflation Causing Hardship for 45% of U.S. Households

As the peak of holiday shopping approaches and winter temperatures drive up heating costs across the U.S., 45% of American households report that recent price increases are causing their family some degree of financial hardship. Ten percent describe it as severe hardship affecting their standard of living, while another 35% say the hardship is moderate.

Dec 02 12:47

What Do They Know? Insiders Are Dumping Stocks At A Pace Never Seen Before In All Of U.S. History

Why are CEOs and corporate insiders selling their stocks at a far faster rate than we have ever seen before?  Do they know something that the rest of us do not?  If stock prices are going to continue soaring into the stratosphere like many in the mainstream media are suggesting, these insiders that are dumping stocks like there is no tomorrow will miss out on some absolutely enormous profits.  On the other hand, if a colossal market crash is coming in 2022, then 2021 was absolutely the perfect time to get out.  As I have said countless times before, you only make money in the stock market if you get out in time.  Could it be possible that many of the richest people in the world have picked the absolutely perfect moment to pull the trigger?

Dec 02 11:26

The Fed Just Flipped

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