ECONOMY | WHAT REALLY HAPPENED


ECONOMY

Nov 17 18:02

Six million have credit card limits extended without consent, study warns

More than six million people have had their credit card limits increased without their consent in the last year, research from Citizens Advice suggests.

The organisation also found that consumers struggling financially were more likely to given extra credit - adding to concerns about the build-up of household debt.

Citizens Advice said lenders were "actively pushing" more borrowing without considering who could afford it.

Nov 17 16:34

Weekend Reading: You Have Been Warned

Nov 17 15:51

Amazon Poses A Serious Threat To Freedom And Free Markets

It wasn’t until earlier this year that I became really concerned about Amazon.

Sure, I had warned people previously of the dangers of an oligarch like Jeff Bezos owning a major national newspaper like The Washington Post, and I’d also highlighted Amazon’s creepy $600 million contract with the CIA, but I didn’t truly grasp the bigger picture until recently.

Nov 17 14:31

The Flames Went Higher

Nov 17 12:30

Video: France Fueled Extremism By Abandoning Poor

The French president is blaming his predecessors for fueling the rise of extremism in the country.

Nov 17 12:09

Fed Hints During Next Recession It Will Roll Out Income Targeting, NIRP

In a moment of rare insight, two weeks ago in response to a question "Why is establishment media romanticizing communism? Authoritarianism, poverty, starvation, secret police, murder, mass incarceration? WTF?", we said that this was simply a "prelude to central bank funded universal income", or in other words, Fed-funded and guaranteed cash for everyone.

Nov 17 11:38

The Next Italian Bank Threatens to Topple

Nov 17 11:35

An alarming number of shoppers are still paying off debt from last Christmas

Although survey respondents say they plan to spend roughly the same amount as they spent last year, 24 percent of shoppers say they overspent in 2016, while 27 percent admit to not making a budget at all.

Nov 17 11:34

Report Notes Dramatic Increase In Homelessness In Germany

“Whoever has no house now will not build one anymore.” As beautiful as the Rilke poem about the approaching end of the year may sound—for the homeless, the onset of winter is the worst punishment. The Federal Working Group for Homelessness (BAG W) reported this week that the homeless now number almost 1 million in Germany, approximately 860,000.

Nov 17 11:32

Buzzfeed’s revenue to fall $70M short of target

BuzzFeed’s expected IPO is now expected to be MIA.

The 11-year-old digital publisher once famous for lightweight “listicles” will likely push back plans to go public next year, as it has fallen heavily behind projected revenue growth, according to a report on Thursday.

Revenue in 2017 is expected to come in $70 million short of the $350 million target.

The BuzzFeed board, upset at revenue plans coming off the rails, convened a recent board meeting that “took management to task,” according to The Wall Street Journal (paywall), which first reported on the forecasted revenue shortfall.

Nov 17 11:32

VW to invest about $40 billion in electric cars

Volkswagen AG plans to invest around $40 billion over the next five years to develop electric vehicles, self-driving cars and Uber-like mobility app services in the clearest sign yet that auto makers are betting the future of their industry on the new technology.

Volkswagen's drive to produce electric cars and self-driving vehicles comes as the entire industry pivots from a century-old business model of building gas-powered cars for the family to producing fleets of electric cars that in just a few years are expected to drive themselves and be part of roaming robot taxi services.

Nov 17 11:25

Credit card limits 'need control'

More than a million credit card users who are struggling financially have had their credit limits increased without asking, a charity has said.

Such borrowing could make their financial problems worse, so Citizens Advice is calling for a ban on unsolicited increases in credit card limits.

It wants Chancellor Philip Hammond to include such a move in the Budget.

But providers say protection is being improved.

Citizens Advice said its research, based on a sample of 1,300 people with credit cards, suggested as many as six million cardholders may have had their credit limits put up without their consent in the last year. Some 1.4 million of those would be struggling financially.

Nov 17 10:20

Heartless Reality For London’s ‘Generation Rent’

Attila and Ildiko Wurth, of London’s Hammersmith, live in a privately rented top-floor flat in a converted house with their 15-month-old daughter and three-year-old son. The Wurth family were shocked to receive an email from the managing agent of their property, stating that a complaint had been made “that at 5.30am this morning a baby was crying and stamping and then further noise starting again at 6.45am, which woke one of the other tenants in the property.”

“We have subsequently liaised with your landlord and are instructed that we are to agree arrangements with you to vacate the property as soon as possible. Please ensure to keep all movement and noise to a minimum,” the agent added.

Nov 17 08:45

Rob From The Middle Class Economics

Much of our financial world functions as a “Rob from the Middle Class” economy. The system robs from the middle class and poor via “money printing” and inflation of the currency supply!

The rich get richer and the poor get poorer.

Nov 17 06:12

BTC Breakout - 2017-11-17

Nov 17 06:06

Tory Austerity Is ‘Economic Murder’ Linked To 120,000 Deaths – Study

Tory austerity policies may actually be killing people, according to a landmark study. The government has been accused of “economic murder” after researchers linked hundreds of thousands of deaths to cuts to public services that began seven years ago.

Nov 17 03:47

The Russell’s Record Run Of Resilience

Nov 16 17:18

The Scariest Charts That Wall Street Ignores

Nov 16 16:55

Three Strikes And You're Out!

Nov 16 16:52

Andrew Hoffman – Potential Crisis Brewing

Nov 16 16:39

China’s 10-year Yield Bumping 4%

Nov 16 16:23

Or, Would You Rather Be A Bear

Nov 16 16:03

House Approves ‘Tax Cuts And Jobs Act’

The House of Representatives has approved a game-changing rewrite of the US tax code proposed by President Donald Trump. No Democrats voted for the bill. Tax reform now faces an uphill battle in the divided Senate.

Nov 16 15:38

Aftermath of the next recession 2018

Nov 16 14:57

Options Traders Furiously BFTD!

Nov 16 12:43

Retail hiring, Container count, Truck sales

Nov 16 12:38

Putin: Only Russian vessels will be allowed in the Northern Sea Route

The right to transport oil and gas along the Northern Sea Route will only be available to vessels under the Russian flag. Such a proposal was formulated today by Vladimir Putin. This is just one of the measures that will help to load domestic shipyards with orders, first of all - the Zvezda complex in Primorye. Other measures to help the shipbuilding industry were today discussed in the Kremlin.

Zvezda is the first Russian shipyard of large-capacity shipbuilding, where it will produce everything from from giant tankers and gas carriers to drilling platforms. It should also become one of the largest shipbuilding companies in the world.

Nov 16 12:28

Venezuela Goes Bust

Milton Friedman once joked that if you put the government in charge of the Sahara Desert in five years there would be a shortage of sand.

Nov 16 10:26

The Last Time These 3 Ominous Signals Appeared Simultaneously Was Just Before The Last Financial Crisis - Michael Snyder

We have not seen a “leadership reversal”, a “Hindenburg Omen” and a “Titanic Syndrome signal” all appear simultaneously since just before the last financial crisis. Does this mean that a stock market crash is imminent? Not necessarily, but as I have been writing about quite a bit recently, the markets are certainly primed for one. On Wednesday, the Dow fell another 138 points, and that represented the largest single day decline that we have seen since September. Much more importantly, the downward trend that has been developing over the past week appears to be accelerating. Just take a look at this chart. Could we be right on the precipice of a major move to the downside?

John Hussman certainly seems to think so. He is the one that pointed out that we have not seen this sort of a threefold sell signal since just before the last financial crisis. The following comes from Business Insider…

Nov 16 10:16

Saudi Arabia Offers Arrested Royals A Deal: Your Freedom For Lots Of Cash

As we noted shortly after the Crown Prince’s purge of potential rivals within Saudi Arabia’s sprawling ruling family, while the dozens of arrests were made under the pretext of an "anti-corruption crackdown", Mohammed bin Salman’s ulterior motive was something else entirely: Replenishing the Kingdom’s depleted foreign reserves, which have been hammered for the past three years by low oil prices, with some estimating that the current purge could potentially bring in up to $800 billion in proceeds.

Furthermore, the geopolitical turmoil unleashed by the unprecedented crackdown helped push oil prices higher, creating an ancillary benefit for both the kingdom’s rulers and the upcoming IPO of Aramco.

And, in the latest confirmation that the crackdown was all about cash, the Financial Times reports today that the Saudi government has offered the new occupants of the Riyadh Ritz-Carlton a way out.... and it’s going to cost them: In some cases, as much as 70% of their net worth.

Nov 16 09:25

Follow The Oil, Follow The Money

While there are numerous dynamics at work in the turmoil roiling Saudi Arabia and by extension, the Mideast, one way to cut to the chase is to follow the oil, follow the money. Correspondent B.D. recently posited a factor that has been largely overlooked in the geopolitical / fate-of-the-petrodollar discussions:

Nov 16 07:28

BOOM: 'Da Vinci Painting' Sells for Record $450 Million! But is it real?

How do you know we are living through the biggest bubble in history? Simple: when a painting, doesn't matter who the artist is, sells for half a billion dollars.

Nov 16 07:16

Merkel LIED to Germany! Yanis Varoufakis blasts chancellor with claims over broken banks

ANGELA Merkel lied to Germany about the Greek financial bail-out in a bid to save billions of euros for her country's banks, according to a former Athens finance minister.

Nov 16 06:58

Donald Trump's treasurer and wife caught looking at money with 'true love' and get shredded on social media

The Hollywood mogul, worth an estimated $300million, and second wife Louise Linton have already found themselves accused of being wildly out of touch with normal Americans.

In August, Linton was criticised over an image she posted on Instagram of the pair stepping off a government plane accompanied by a list of the various luxury designers she was wearing.

The Scottish-born actress didn't take the heat well, responding with a tirade pointing out how much she and her husband allegedly "sacrifice" each year in taxes.

After the reaction made headlines, Linton was forced into a humbling apology for the "highly insensitive" posts.

Nov 16 06:20

Saudi Coup Signals War And The New World Order Reset

For years now, I have been warning about the relationship of interdependency between the U.S. and Saudi Arabia and how this relationship, if ended, would mean disaster for the petrodollar system and by extension the dollar’s world reserve status. In my recent articles ‘Lies And Distractions Surrounding The Diminishing Petrodollar’ and ‘The Economic End Game Continues,’ I point out that the death of the dollar as the premier petrocurrency is actually a primary goal for establishment globalists. Why? Because in an effort to achieve what they sometimes call the “global economic reset,” or the “new world order,” a more publicly accepted centralized global economy and monetary framework is paramount. And, this means the eventual implementation of a single world currency and a single global economic and political authority above and beyond the dollar system.

Nov 16 06:19

War between Iran & Saudi Arabia could send oil to $300 per barrel & impoverish the world

An armed conflict between Riyadh and Tehran would have a major impact on oil markets and the global economy. RT asked experts what a war between the two Middle East superpowers would mean for crude prices.

If a conflict happens, oil prices could increase 500 percent.

Nov 16 06:11

Russian nuclear energy conquers the world

Russian nuclear energy demonstrated impressive achievements in the global market "of nuclear services" in 2012. In this area, Rosatom State Corporation wins competition with major Western companies, even though cooperation in the field of "peaceful atom" remains under strong political pressure.

Webmaster's Commentary: 

I am sure that having access to 20% of the US Uranium doesn't hurt!

Nov 16 06:00

San Francisco housing market near bubble risk according to UBS report.  Majority of Bay Area renters plan to leave.

The San Francisco housing market is the most overvalued market in the United States. People over inflate the market because tech is sexy and cool and many are chasing the next Google, Amazon, or Facebook. Everyone wants to strike it rich with as little work as possible. And what better way to do that than in real estate? In San Francisco the typical crap shack will cost you $1.2 to $1.5 million. The response from many housing cheerleaders is the typical logic you see in manias – hey, someone paid for it! You also get similar stories from the tulip bubble, dotcom bubble, and other bubbles where the justification for higher prices is simply that some other sucker paid for it at that level. And there is now signs that we may be in a rental bubble in the Bay Area. 83 percent of renters surveyed in the Bay Area said they plan on leaving.

Nov 15 16:30

France ran out of money last Tuesday — and within days, so will the rest of Europe

Analysis: European countries are being forced to borrow well before the year ends — and sooner or later, that debt will catch up with them

Nov 15 16:26

Risks Ahead For US Tax Push As Disputes Linger And Trump Returns

Congressional Republicans pushed ahead on Monday on a U.S. tax code overhaul as a Senate panel considered the issue, but risks lay ahead with major intraparty disputes unsettled and President Donald Trump returning soon from Asia as the debate heats up.

Nov 15 14:25

Mike Maloney: Bitcoin Is History

Nov 15 14:02

China’s Overture To Wall Street

For all the pomp and circumstance of Donald Trump’s Beijing trip, its most interesting outcome was a Chinese overture to the titans of global finance, currently ensconced in Wall Street and London. Given the big banks’ position at the apex of of the Western power structure, the move is highly strategic and bears close watching.

Nov 15 14:01

Financial Tyranny: “We The People” Are The New Permanent Underclass In America

WHEN PLUNDER BECOMES A WAY OF LIFE FOR A GROUP OF MEN IN A SOCIETY, OVER THE COURSE OF TIME THEY CREATE FOR THEMSELVES A LEGAL SYSTEM THAT AUTHORIZES IT AND A MORAL CODE THAT GLORIFIES IT.

? FRÉDÉRIC BASTIAT, FRENCH ECONOMIST

Americans can no longer afford to get sick and there’s a reason why.

Nov 15 13:33

Technically Speaking: It’s A Turkey Market

Nov 15 11:34

Venezuela Signs $3.2 Billion Debt Restructuring Deal With Russia

As Venezuela teeters right on the brink of complete financial collapse, Bloomberg reports that Russia has agreed to restructure roughly $3.2 billion in outstanding obligations. While details of the restructuring agreement are scarce, both sides reported that the deal spreads payments out over 10 years with minimal cash service required over the next six years.

Russia signed an agreement to restructure $3.15 billion of debt owed by Venezuela, throwing a lifeline to a crisis-wracked ally that’s struggling to repay creditors.

The deal spreads the loan payments out over a decade, with “minimal” payments over the first six years, the Russian Finance Ministry said in a statement. The pact doesn’t cover obligations of state oil company Petroleos de Venezuela SA to its Russian counterpart Rosneft PJSC, however.

Webmaster's Commentary: 

Putin, is always a million chess moves ahead of the US government in terms of geopolitical matters, and the issue of having thrown a financial lifeline to the Venezuelan government, is no exception here.

Nov 15 10:58

Saudi-Israeli Collusion? Is Israel Seeking Role as Leader of the Sunni Bloc?

Israel has instructed its overseas embassies to lobby their respective host countries in support of Saudi Arabia and its apparent efforts to destabilise Lebanon, a recently leaked diplomatic cable shows.

The cable appears to be the first formal confirmation of rumours that Israel and Saudi Arabia are colluding to stoke tensions in the region.

Sent by the Israeli foreign ministry and disclosed by Israel’s Channel 10 news this week, the cable demanded that diplomats stress Iran and Hezbollah’s engagement in “regional subversion”.

That closely echoes accusations Riyadh levelled against Tehran and the Lebanese faction in recent days.

Analysts have noted that diplomatic moves by Israel to intervene directly in a seemingly internal Arab matter are “very rare”.

Yossi Alpher, a former adviser to Ehud Barak when he was Israeli prime minister, called the cable “extremely presumptuous”.

Webmaster's Commentary: 

You have to remember that Netanyahu is facing a bribery/corruption charge at home. this makes him a very politically vulnerable "wounded animal" in Israeli politics, and and all wounded animals are dangerous.

This new purge by Prince Salman may have been interpreted by Netanyahu as a "the enemy of my enemy (Iran/Hezbullah) is my friend" moment, to further factionalize the Middle East, and potentially give him the momentum to attack both Lebanon and Iran, to misdirect political attention away from his corruption issues, and toward those countries which have been declared Israel's "existential enemies" in the region.

Nov 15 10:01

What Happened to Trump's Trade War With China?

Despite all his posturing, President Donald Trump's maiden trip to China was mostly just symbolic, says author and scholar Jeffrey Wasserstrom

Nov 15 09:57

House Passes $700 Billion Military Spending Bill

The House and Senate had some differences on the 2018 military spending bill, but reached a compromise last week. The House passed this $700 billion spending and policy bill Tuesday with a 356-70 vote.

The bill includes $634 billion for “core operations,” and $66 billion in Overseas Contingency Operations (OCO). The OCO budget is notoriously used by the Pentagon to shift money around to various programs as officials see fit without having to ask Congress to fund them.

This massive bill is the culmination of months of officials trying to outspend one another, with President Trump proposing what he described as one of the biggest increases ever, followed by both houses of Congress outdoing that, and then trying to outdo each other.

This bill includes funding for myriad new research schemes, including the possibility of creating a new Space Corps and fighting wars in space. It also attempts to assert more Armed Services Committee oversight over military cyber operations.

Webmaster's Commentary: 

We have reached a phase in American governance where US legislators no longer represent their alleged constituents; they only represent the corporations which own them, and a large swathe of them are from the military/industrial complex.

I am sure that many of these CEOS are absolutely and thoroughly delighted in how their current "legislative assets" have paid off, royally, for them.

Nov 15 09:43

Financial Tyranny: ‘We the People’ Are the New Permanent Underclass in America

Americans can no longer afford to get sick and there’s a reason why.

That’s because a growing number of Americans are struggling to stretch their dollars far enough to pay their bills, get out of debt and ensure that if and when an illness arises, it doesn’t bankrupt them.

This is a reality that no amount of partisan political bickering can deny.

Many Americans can no longer afford health insurance, drug costs or hospital bills. They can’t afford to pay rising healthcare premiums, out-of-pocket deductibles and prescription drug bills.

They can’t afford to live, and now they can’t afford to get sick or die, either.

Nov 15 09:03

Number of people living on German streets has jumped by a third: report

According to an estimate published by the Federal Association for Assistance for the Homeless on Wednesday, the number of people living on Germany’s streets has risen by 13,000 in two years.

Nov 15 09:00

HSBC to pay France €300million to avoid tax fraud trial

HSBC Private Bank, a Swiss unit of banking giant HSBC, has agreed to pay 300 million euros ($352 million) to avoid going to trial in France for enabling tax fraud, prosecutors said Tuesday.
HSBC was accused last year of helping French clients to hide at least 1.67 billion euros from the tax authorities, according to a source close to the probe.

The deal struck between the financial crime prosecutor's office and the bank is a first in France under a new procedure that allows companies under
suspicion of corruption or dissimulation of tax fraud to negotiate a fine to stop a case from going to trial.

The deal does not include a guilty plea.

Nov 15 08:18

Sen. Warren, Small Business Owners Say: Stop Pretending Tax Plan Helps Small Business

For months, Republican leaders in Congress have promoted their tax plan as a benefit to small business and Main Street communities. Senator Elizabeth Warren joined Main Street Alliance small business owners today to talk about the truth behind these tax bills. Far from helping small businesses, the GOP tax plan is a thinly-veiled tax giveaway to multinational corporations and the richest one percent of taxpayers.

Nov 15 08:06

Senate Republicans' tax bill scraps ACA's insurance mandate

The Senate's proposed tax reform bill now includes scrapping the requirement that all uninsured Americans purchase coverage under the Affordable Care Act.

Nov 15 08:04

Analysts Expect Gold to Head Higher in 2018

Nov 15 05:10

Mauldin: The Distribution Of Pain

Nov 15 04:06

House Passes $700 Billion Military Spending Bill

***
The bill includes $634 billion for “core operations,” and $66 billion in Overseas Contingency Operations (OCO). The OCO budget is notoriously used by the Pentagon to shift money around to various programs as officials see fit without having to ask Congress to fund them.

This massive bill is the culmination of months of officials trying to outspend one another, with President Trump proposing what he described as one of the biggest increases ever>>>

Nov 14 16:53

Five Million People In UK Earn Less Than £8.10 An Hour

More evidence has emerged of the desperate conditions faced by millions of low-paid workers across the UK.

Even as the Conservative government increases the voluntaryUK Living Wage to £8.75 an hour (£10.20 in London), the Resolution Foundation reports that a quarter of low-paid workers were permanently stuck in low-wage jobs over the last decade.

Nov 14 16:42

Apple succeeds in failing wearables

An expensive and clunky-looking watch that can’t tell you the time* is once again clear winner in the failing smart wearables space.

Overall the market for things-on-your-wrist-with-a-chip-in dipped 2 per cent, or 17.3 million units, in Q3, but Apple regained top spot, according to Canalys, thanks to the third generation Apple Watch.

Nov 14 14:17

Looking For Inflation In All The Wrong Places

Nov 14 14:15

THE UNBEARABLE SLOWNESS OF FOURTH TURNINGS

SHARE THIS ARTICLE WITH YOUR SOCIAL MEDIA