ECONOMY | WHAT REALLY HAPPENED

ECONOMY

Dec 10 11:07

THE HORRORS OF THE TRUMP ECONOMY:

Dec 10 10:10

Netflix Slides After Needham Downgrades, Warns Of Subscriber Exodus In 2020

Netflix could lose upwards of 4 million US subscribers in 2020 thanks to intensifying competition in the streaming space.

Dec 10 08:50

Why is the US Repo crisis ongoing?

Dec 10 06:15

BIS Drops a Bombshell: Four U.S. Mega Banks Are Core of Repo Loan Crisis

Yesterday, the Bank for International Settlements (BIS) dropped a bombshell report that torpedoed the Federal Reserve’s official narrative on what has caused the overnight lending market (repo loan market) on Wall Street to seize up since September 17, leading to more than $3 trillion in cumulative loans from the New York Fed as lender of last resort.

Dec 10 06:09

California Bringing Back Debtors Prisons for Homeless

Homelessness has been on the rise in California, and has skyrocketed since the Camp and Carr fires devastated the state.

Officials throughout California have grappled with various ways to deal with the ongoing crisis, however, in the Northern California city of Redding, Mayor Julie Winter has sent a state-of-emergency request to Gov. Gavin Newsom, approved by the Redding City Council last week, that requests the right to involuntarily detain people into homeless shelters.

In the drafted letter, Mayor Winter ask the governor for aid in forcing the homeless to adhere to her regulations, but includes “conservatorship until such time as the individual has demonstrated the ability to care for themselves including managing their finances.”

Dec 10 06:02

"We're Living On Borrowed Time..."

Dec 10 05:45

Major Freight Carrier Bankrupted, Leaving 3,000 Truckers Jobless, Many Stranded On Highways

As the manufacturing recession gains momentum, the largest U.S. truckload carrier filed for bankruptcy Monday morning, leaving 3,000 truck drivers and 500 administrative positions without a job two weeks before Christmas.

Indianapolis-based Celadon filed for voluntary Chapter 11 bankruptcy in the early hours on Monday morning.

Dec 10 05:41

Per Capita World Debt Has Surged To More Than $200,000

Global debt is officially $184 trillion, which is 225% of global GDP. This is $86,000 for every person in the world, which is 2.5 times annual income.

We estimate that official figures are understated by a factor of 2.5, so debt is actually $460 trillion, which is 560% of GDP and $215,000 per person.

These numbers are astronomical, raising the risk of economic blowback once interest rates and inflation rise, as they eventually will.

Dec 09 12:38

Schiff, AOC Lambasted for Misrepresenting Trump Admin’s New Food Stamp Rules

Under Obama, being on food stamps was portrayed as “cool” and even something to aspire to. After all, one could get lobster and a host of other luxury food items via the Supplemental Nutrition Assistance Program (SNAP). The Obama administration urged everyone who could remotely qualify to enroll. In fact, Obama vastly expanded food stamps eligibility and the number of food stamp recipients.

What American taxpayer living on a budget wasn’t thrilled to subsidize the indulgent appetites of the nation’s pajama boys and government-dependent Julias? A vast number, as it turned out, including Trump voters.

Dec 09 10:54

Deutsche Bank's decline in a chart

Dec 09 09:43

The Greatest Central Bank Blow-Off Top Ever

Dec 09 09:42

2020 will likely be a less pleasant start.

Dec 09 08:11

All Aboard The "No Recession" Train

Dec 08 15:47

Chart of crashes

Dec 08 11:59

China Just Opened the Suez Canal of Our Era and No One Blinked

A hundred years from now, Donald Trump’s looming impeachment and Syria’s unending travails will be long forgotten. But just as we still celebrated the 150th anniversary of the completion of the Suez Canal in 1869 without remembering who ruled Egypt at the time (Isma’il Pasha), China’s relentless and historically significant push to establish new trading links between East and West—links that promise to revolutionize the world trading system no less than the Suez Canal—will come to define our era.

Two recent developments highlight how the new world is being invented by the Chinese—and how it will affect the Middle East and central Asia.

Dec 08 11:43

World’s largest printer of money is running out of cash

The company that prints the UK’s banknotes and currency for 140 other countries has issued a warning of possible collapse, saying there is “significant doubt” about its future.

The 198-year-old De La Rue has printed banknotes for the Bank of England since 1860. It is the largest commercial printer in the world, producing about a third of the world’s banknotes through contracts with 140 central banks. The firm has designed 36 percent of all banknote denominations in circulation, according to investment research company Edison Group.

De La Rue has been struggling over the last two years since losing the £400 million ($525 million) UK passport contract to a French rival. It has also been hit by an accelerating move away from cash towards contactless card payments and online transfers. Just last week, the company lost 20 percent of its value.

Dec 08 11:35

Trump Wants To Terminate NAFTA And Replace It With USMCA – Which Is UN Agenda 2030 in Disguise

Last week, President Donald Trump, outgoing Mexican President Enrique Peña Nieto, and Canadian Prime Minister Justin Trudeau met in Argentina and signed the new United States-Mexico-Canada Agreement (USMCA. This treaty is intended to further the political merger of these countries). USMCA, like NAFTA, stifles free trade, overrides national sovereignty, and increases the power of the UN and the World Trade Organization. The document obligates the US to follow UN Agenda 2030 and rule by unelected bureaucrats. -GEG

Dec 08 09:37

Globalization in a Sudden and Sharp Decline

Dec 08 07:05

Auto Loans Set Record High…

Dec 08 06:34

Alasdair Macleod: An Inflationary Depression

Dec 07 19:01

Russia's 600km Range Hypersonic Air Defence System Incoming - First S-500 Batteries to be Deployed in 2020

Russian Deputy Prime Minister Yuri Borisov has confirmed that serial production units of Russia’s S-500 surface to air missile system will be deployed by frontline units in the year 2020 - in line with the state’s ten year armaments plan adopted in 2018.

Dec 07 18:45

The U.S. Just Became A Net Oil Exporter For The First Time Ever

The United States exported more crude oil and petroleum products than it imported in September 2019—the first month in which America was a net petroleum exporter since monthly records began in 1973, the U.S. Energy Information Administration (EIA) said on Thursday.

Dec 07 15:12

Alibaba founder Jack Ma has a brutal theory of how America went wrong over the past 30 years

[Jan 2017] Alibaba founder Jack Ma thinks America went wrong over the past 30 years by focusing too much on war and Wall Street. ... "In the past 30 years, America had 13 wars spending $14.2 trillion ... no matter how good your strategy is you're supposed to spend money on your own people," Ma said.

Dec 07 12:29

Follow The Money: BlackRock, Vanguard Await New Opportunities In China

While the Western world controlled the 20th century, the 21st century could be soon controlled by China.

Six of the world's largest asset managers, including BlackRock and Vanguard, are eager to do more business in China, reported Bloomberg.

Sources said these firms had told regulators they plan to apply for fully-foreign-owned mutual fund licenses after China Securities Regulatory Commission said in Oct., that it would allow overseas institutions more power over onshore ventures in 2020.

Fidelity told Bloomberg via a statement this week that it's preparing to file for a mutual fund license in China.

These big Wall Street banks see nearly $12.8 trillion of investable assets in Chinese households.

Though China's economy is slowing with growth rates crashing to three-decade lows and a trade war with the US with no immediate resolution, Western bankers understand that by 2030, the center of the global economy could be China, not the US.

Webmaster's Commentary: 

That is, of course, is premised on the not necessarily strong supposition, that the US government won't order a war against it, to bomb it back to beyond the stone age, or try to "gum up the works" with some computer/financial sabotage.

Dec 07 08:39

The iPhone 11’s U1 chip necessitates constant geolocation checks, Apple says

Earlier this week, security reporter Brian Krebs published a story explaining that Apple's latest iPhones (iPhone 11 and iPhone 11 Pro) periodically check the user's location even if the user disables location services individually for each and every app and service in the iPhone's Settings app.

Further Reading
iPhone 11 Pro and 11 Pro Max review: High quality for high prices
While this behavior ended when the user disabled location services system-wide, it was a bit of a head-scratcher. What was the iPhone doing and why? Was it sending this information to Apple? Why couldn't users find information on what was happening? Krebs had notified Apple of the issue as a potential security problem back in mid November, but the company responded this week stating:

Dec 07 08:12

Time to acknowledge the elephant in the room?

Dec 07 05:27

FAA Slaps Boeing With $3.9 Million in Civil Penalties Over Subpar Aircraft Equipment

Aircraft maker Boeing is facing more than $3.9 million in penalties from the US Federal Aviation Administration (FAA) after the company allegedly neglected to adhere to its own quality assurance system before installing “nonconforming components” on some 133 aircraft.

The FAA announced Friday that Boeing’s negligence in airworthiness certification and installation of subpar aircraft equipment may result in a total of $3,916,871 in civil penalties from the federal government.

According to the administration, slat tracks processed by Southwest United Industries (SUI) on June 29, 2018, and shipped to Spirit AeroSystems Inc. were ultimately delivered to Boeing for installation on its 737-series aircraft, despite the components failing a strength test.

Webmaster's Commentary: 

And yet... no one who signed off on doing this, ever, ever goes to jail.

Those who read this site understand that I abhor war as a way through which the US government gets what it wants.

That being said, every time one of our military is dependent on aircraft to do their mission, it must be up to professional standards, which cannot be allowed to lag.

Two Federal laws have to come into place, to "cure the problem", as draconian as they may sound.

First, no military-industrial complex company, or sub-contractor to such a company, should never, ever be able to contribute to a Presidential campaign, ever.

Familiarity does breed contempt, and when a manufacturer thinks that they can "get away with" providing shoddy product to our military, because they play golf with our country's President, this can never be allowed to happen again.

Secondly, signing off on "loosened" safety standards, needs to become a criminal corporate offense, and whoever signed off on this, should be criminally charged; tried, and convicted by a jury of their peers, and shuffled off to a prison which is the polar opposite of a "Club Fed."

As extreme as these actions may sound, if these laws save the life of even one of our military personnel, they will have done their job.

Dec 06 17:07

Zoe Keating Offers More Evidence That Spotify Royalties Are Declining

She told her followers on the platform that, if they could only listen to another 48,000 streams of her music per month, she would be able to pay the $924 monthly health insurance premium required for her and her son.

While it does not appear as if Keating has reported streaming revenue from other platforms such as Apple Music, she did tell her followers about the paltry performance royalties she earns from Spotify. Because she publishes her own music, she received performance royalties as both an artist and a publisher. But together they amounted to a little more than $150 for the quarter, and she equated 200,000 streams to $47 in performance royalties.

Keating further mentioned what she earns in mechanical royalties. She says that, in the last five years, they totaled only $5,000.

Dec 06 09:54

Israeli Officials Warn Annexation May Lead Jordan to Take Drastic Steps

Israeli Prime Minister Benjamin Netanyahu is keen to annex parts of the occupied West Bank, on the grounds that the US is going to let him do so. Israeli officials, particularly military officials, are warning against one of the primary targets, the Jordan Valley.

The Jordan Valley, which connects the West Bank to Jordan, is something the Israeli right has long wanted to annex, as it would mean the rest of the Palestinian West Bank would never have a border with any nation other than Israel.

Military officials are warning that the big problem would be with Jordan itself, and that this move would further damage Israel-Jordan ties, and might force the Jordanian government to take drastic steps.

Webmaster's Commentary: 

This may well be the proverbial straw that breaks the camel's back; the Jordanian government must really be concerned right now, and I don't blame them one whit.

This would be a complete game-changer for the Palestinians, and definitely not a good one, either.

Dec 06 09:43

US America Needs No Fixing – It Is Already “Totally Fixed”

Then to understand that our entire political system is one big financial scheme preserving an oligarchy of plutocrats, how can we even call ourselves a republic. We have never been a democracy. We are addicted to materialism. It is our stubborn belief in our validity as a nation, certainly as compared to others, that I believe preempts our capacity for the kind of popular revolt we need to be a nation with integrity and a true commitment to justice.

Dec 06 08:59

Banks Are Cutting 75,700 Jobs Worldwide

Dec 06 08:52

The Credit Market Powder Keg

Dec 06 08:45

BOOM! Rudy Giuliani Meets with Ukrainian Lawmaker Andrey Derkach Who Revealed Burisma Holdings Paid Joe Biden $900,000 for Lobbying

In October Ukrainian Parliamentarian Andrey (Andriy) Derkach revealed in a press conference that Joe Biden was paid $900,000 for lobbying efforts from Burisma Holdings in Ukraine.

This is the same organization that paid Hunter Biden over $50,000-83,000 a month to sit on their board in an obvious pay-for-play maneuver.

Webmaster's Commentary: 

Tom Perez, PLEASE,. DAMMIT!!! you owe it to both your Party, and the nation, to get Biden to withdraw his candidacy, because these revelations will absolutely kill him when election time rolls around in 2020, if by some wild and unforeseen circumstance he actually wins the primary spot as your Presidential Candidate.

Or, are you just not making the effort, because you know, beyond a shadow of a doubt, that Hillary will win a third-time try at the Presidential nomination in a brokered convention?!?

Dec 06 08:25

KENYA: NAIROBI GOVERNOR ARRESTED FOR 'ECONOMIC CRIMES'

SOURCE: ALJAZEERA.COM
The governor of Nairobi was arrested on Friday shortly after Kenya's chief prosecutor ordered he be detained to face charges for economic crimes.

Governor Mike Sonko is the latest in a string of top officials to be hauled in on corruption charges as Kenya battles to clamp down on rampant graft.

Sonko and other country officials are accused by public prosecutor Noordin Haji of having benefited from irregular procurement and payments of $3.5m (3.1 million euros).

Haji said he had sufficient evidence to prosecute Sonko and other county officials for "unlawful acquisition of public property, money laundering and other economic crimes."

"I have therefore ordered for the immediate arrest and arraignment in court of the Governor of Nairobi Hon. Mike Mbuvi Sonko and other persons," Haji said in a statement earlier on Friday.

Webmaster's Commentary: 

One has to wonder if the charges are actually supported by fact; or if this is an attempt to consolidate power in the hands of the current President, Uhuru Kenyatta, the President of Kenya before the next election cycle.

Dec 06 08:19

Not This Again. China Announces Waivers For Soybeans And Pork 

In early Sept., China said it would waive soybean tariffs and start buying. Then in late Oct., China repeated it. Now a new headline from China states that it has waived duties of soybeans and pork, but does that mean China is actually going to start buying, or is it a feel-good narrative for President Trump to pump on Twitter?

Dec 06 08:19

MASSIVE LEAK CONFIRMS TURKEY'S "GOLD-FOR-GAS" SCHEME TO EVADE US SANCTIONS ON IRAN

OURCE: ZEROHEDGE
We first started noticing major 'odd' exports of gold from Turkey to Iran in May 2012. Turkey’s trade balance fluctuated wildly as gold stocks flowed out of the country in bursts.

“Turkey’s going to continue it,” the Turkish economy minister said. “If those casting aspersions on the gold trade are searching for immorality, they should take a look in the mirror.”

Then, in 2014, we discussed Turkey's "200 tons of secret gold" trade with Iran detailing how a complex network that spanned Turkey, China, Dubai and Iran was used to skirt US sanctions on energy exports from Iran.

The operation featured an Iranian-born businessman who liked fast horses, faster cars and the fastest planes. His unique skill: Getting gold into sanctions-encircled Iran.

Enough gold that for a time he became the government’s key instrument in improving Turkey’s irksome economic imbalance.

Webmaster's Commentary: 

One has to wonder just what President Trump and NATO (which still also has stringent sanctions against Iran)are going to do about this.

I mean, Edrogan was just at the White House a couple of weeks ago, right?!?
President Trump meets with Turkish President Erdogan at the White House, 11/13/2019

If this was NEVER on the table, in terms of their discussions, one has to wonder to the degree President Trump feels betrayed about these very consistent shenanigans on Turkey's "trading with the (alleged) enemy" right now.

Dec 06 06:14

Time To Reduce Exposure To The Stock Market

Dec 05 15:33

The "Silicon Six" Are Doing A Great Job Avoiding Taxes

The “Silicon Six" - Facebook, Apple, Amazon, Netflix, Google and Microsoft. Collectively, they had 2018 revenues in excess of $800 billion and currently have a combined market capitalization of more than $4.5 trillion.

The "Silicon Six" have avoided over $100 billion in taxes between 2010 and 2019, according a report from Fair Tax Mark, a British organization that certifies businesses for good tax conduct. They analyzed 10-K filings to compare tax provisions, which is the amount corporations set aside to pay taxes, to cash taxes, which is the amount actually handed over to the government.

The aggregate tax contingencies of the six companies has increased from $8.9 billion at the end of 2010 to $47 billion in 2019. An additional $5.7 billion in interest and penalties has been accrued over the same period.

Dec 05 14:38

Drunk demolition worker arrested after blowing up the wrong building

An explosive expert was arrested this morning in Greenville, North Carolina after he set more than 5 tons of TNT in the wrong building and blew it up.

SHARE THIS ARTICLE WITH YOUR SOCIAL MEDIA