ECONOMY | WHAT REALLY HAPPENED

ECONOMY

May 08 07:33

April Job Numbers Are So Bad, CNBC Thought It Was A Typo

The economy still remains 8.2 million jobs short of pre-lockdown levels after the April jobs report published Friday signaled a slow, long road to recovery.

Only 266,000 jobs were added last month, far below the estimated million forecasters predicted. Unemployment was expecting to go down, not up, as it did to 6.1 percent while the government continues to dole out generous benefits to incentivize Netflix and couch surfing over a paycheck.

The April jobs numbers were so low, CNBC’s Steve Liesman appeared to believe there may have been a typo on air.

“It looks like 266,000. It looks like it was a big disappointment at 266, but maybe I have that wrong,” Liesman said, before confirming the number on the Bureau of Labor Statistics website. “Yes, 266 is correct … We have some issues here.”

May 08 07:03

After shock U.S. jobs data, Republicans and Democrats spar over unemployment benefits

What did the disappointing U.S. jobs report on Friday say about the state of the world’s biggest economy?

As is true for many things in Washington, the answer differs radically depending on which political party you ask.

The Labor Department reported 266,000 new jobs were created in April, a fraction of the nearly 1 million jobs that were expected by a Reuters poll of economists. A drop in temporary help positions put a fresh focus on the generous unemployment benefits that the White House has championed as necessary to keep Americans financially whole as the country recovers from the impact of the coronavirus pandemic.

Many Republicans say the disappointing employment report signals that governments at the federal and state levels are being too generous with unemployment benefits, discouraging people from working. Democrats say companies aren’t offering high-enough wages, or programs like subsidized childcare to encourage people to go back to work.

May 08 06:47

America’s richest boost fortunes by $195 billion in Biden’s first 100 days

Herland Report: During US President Joe Biden’s first hundred days in office, the wealthiest billionaire Americans have – as expected – become one of the main beneficiaries of his presidency.

The combined net worth of the top 100 ultra-rich people in the US has skyrocketed by $195 billion since Biden took office, according to Bloomberg. From his election to his inauguration, they added $267 billion to their fortunes, bringing their total gain to $461 billion since November 4, reports RT, citing Bloomberg:

“The rise in billionaires’ wealth in the first 100 days of Biden’s presidency is around 20% of the cash stockpile those billionaires raked in between Trump’s inauguration and the 2020 election. According to Bloomberg data, they became $860 billion richer over that period.

May 08 06:45

Will there be a 4th stimulus check? Here’s the latest update on another payment.

President Joe Biden and congressional Democrats fulfilled a campaign promise by including $1,400 checks in their $1.9 trillion coronavirus stimulus law.

So will there be a fourth wave of stimulus checks?

Biden was urged to support it last month by 21 Senate Democrats, including U.S. Sen. Cory Booker. They want continue automatically until the economy recovers,

“This crisis is far from over, and families deserve certainty that they can put food on the table and keep a roof over their heads,” the senators wrote. “Families should not be at the mercy of constantly-shifting legislative timelines and ad hoc solutions.”

But the president did not propose another round of checks in either of his next two spending plans, one for infrastructure and one for education and child care. So nothing’s on the table right now.

May 08 06:37

The Blockchain And The Future Of Everything

Writing, money, and ledgers, are the three basic building blocks that allowed humanity to progress past the days of foraging for berries and hunting wild game to the advanced global civilization we are today.

Writing allowed us to convey knowledge and information that made it possible to cooperate and build on the findings of others.

Money allowed for the efficient allocation of scarce resources and the facilitation of trade.

Ledgers allowed all these activities and transactions to be recorded so we could trust one another beyond immediate friend groups.

Being able to trust one another is perhaps one of the most important facilitators of economic and social activity. When you perform a transaction you trust that the service you’re getting is what you paid for. When you put your money in a bank, you trust that the bank is a reputable third party to store assets. When you use the internet you trust that your data is secure and won’t be given away to bad actors.

May 08 06:36

Wal-Mart, Sysco Fine Suppliers As Labor Shortages Cause Surge In Late Orders

From the gas pump to the grocery aisle, Americans have been suffering from "sticker shock" for the first time in years. While the Fed continues to insist that inflationary pressures will be "transitory", sell-side banks like Bank of America are raising the prospect of economically debilitating "stagflation". But even though President Biden on Friday refused to acknowledge the increasingly obvious role that expanded unemployment benefits are playing in keeping Americans out of the labor market, labor shortages are having a very real impact on firms that produce packaged food products and other consumer goods.

May 08 06:36

COVID Vaccine Makers Prepare For Long Legal Battle As US Backs IP Waiver

Now that Germany has broken with the US over the question of whether to back a waiver for COVID vaccine IP that's been proposed at the WTO, pharmaceutical giants like Pfizer that were planning on COVID-19 vaccines becoming a permanent revenue stream are seeing their opportunities for profit threatened. The proposal would require the support of other major developed nations to pass, and it's unclear whether it will or not. But if it does, pharmaceutical companies who see their IP compromised would have limited options for recourse.

Matthew Howell, an IP attorney at Alston & Bird in Atlanta told Bloomberg that companies like Pfizer and Moderna might sue the US to recover some of their losses. Since manufacturing the vaccine is done in the US, the companies could take certain avenues for compensation in American courts. But that would likely only cover a fraction of their potential losses.

May 08 06:28

Norwegian Cruise Line Holdings' Boss Tears Into CDC, Warns July U.S. Restart Will Not Happen

Norwegian Cruise Line Holdings' boss has described the CDC's latest cruise guidelines as "preposterous, impractical and onerous" and warned a midsummer restart is looking increasingly unlikely.

Speaking at an investors' call to discuss the first quarter earnings of NCLH, which includes Norwegian Cruise Line, Regent Seven Seas and Oceania, Frank de Rio said:

"I'm disappointed, at first read. I'm going to give the CDC the opportunity to explain and clarify, and we have a call with them this afternoon.

"As we read yesterday's pronouncements, even though everyone onboard would be vaccinated, in between bites of your meal and in between sips of your beverage, you have to put on your mask, take off your mask. Nobody should order soup because your mask might get sloppy. That to me is just preposterous.

May 07 12:53

Jim Rickards: The Sky Is Falling

May 07 09:25

There's a truck driver shortage, so one Texas company is offering experienced drivers $14K a week

Imagine making $14,000 a week. That's what one Texas-based company is offering because of a nationwide truck driving shortage.

When the pandemic hit many truckers left the industry because there wasn't as much product to haul and the rates to transport products like gasoline tumbled. Now that demand is back up, but with fewer truckers to haul products like gasoline, a massive shortage is looming.

"And it's not just going to be gasoline. It's not going just going to be wood. You're talking about all your retail goods just like clothing, food, toilet paper, you name it," said Jim Grundy who is the CEO and owner of Sisu Energy.

He says the shortages aren't going to only take place this summer, but well beyond that.

"That's the narrative that you're hearing," he said. "That this thing is going to last anywhere from two to four years. And it could be longer because the population's getting stronger."

May 07 07:34

Time to buckle up.

May 07 07:10

Share of US Wealth by Generation

May 07 06:48

Bloodbath in Mexico: Another gift of US drug and drone wars

Written by
Ted Galen Carpenter

Washington’s bankrupt drug-war and drone-war initiatives have both come home to roost on America’s own southern border. Decades of U.S. policy ineptitude have empowered Mexico’s drug cartels to the point that they now pose an alarming threat to the country’s basic social order.

Now the violence in Mexico is beginning to exhibit a greater high-tech sophistication. In late April, the Jalisco cartel attacked police in the western state of Michoacan with explosive-laden drones, wounding two officers. It was merely the latest development in just one theater of the country’s ongoing chaos.

Webmaster's Commentary: 

The American Comedian Ron White, has one line in his stand-up routine, which seems to very much apply here: "You can't fix stupid!!"

And this has been very much a stupid policy with regard to drugs, on the part of the US government.

Were I in government, I would advocate legalizing EVERYTHING, to take the profit motive away from the cartels. Of course, the private and public prison systems would collectively yell, scream, and holler; they love high recidivism rates, and those high rates are, unfortunately, a result, of how the US incarcerates.

May 07 06:04

HOW THE US GOV'T CULTIVATED ENVIRONMENTAL AND INDIGENOUS GROUPS TO DEFEAT ECUADOR'S LEFTIST CORREÍSTA MOVEMENT

SOURCE: THE GRAYZONE
The people of Ecuador were hit by a surprise in the April 2021 presidential election: Hard-right banker Guillermo Lasso, one of the richest and most corrupt oligarchs in the country, who had unsuccessfully run in two previous races, scored a narrow victory over leftist Andrés Arauz.

Arauz, a progressive young economist, had served as a minister in the government of Ecuador’s socialist President Rafael Correa, who had declared a “Citizens’ Revolution” that transformed the country during his term from 2007 to 2017.

What was not conveyed in most media reports on Lasso’s surprising victory, however, was that Lasso only won thanks to the support he received, both directly and indirectly, from environmental and Indigenous groups that have been co-opted over that last 15 years by the US government and its soft-power networks.

May 07 06:03

FACT CHECK: Bitcoin Mining is BAD For The Climate!?

May 07 05:56

If We Are Experiencing Severe Shortages Now, How Bad Will Things Get When The Economy Starts Tanking Again?

Inflation and shortages are the two big stories for the U.S. economy this week. In recent days I have done multiple articles about inflation, and so today I want to focus on the widespread shortages that we are currently witnessing. At this moment, the U.S. economy is experiencing more shortages than it did at any point during 2020. I know that statement sounds quite outlandish, but it is true. During the early stages of the pandemic, there were temporary shortages of toilet paper, hand sanitizer and other items, but now there are severe shortages throughout many sectors of the economy, and quite a few of those shortages will not be so temporary.

On Thursday, Business Insider published a list of some of the most serious shortages that we are going through at the moment…

-Computer chips
-Used cars and rental cars
-Gas
-Plastics and palm oil
-Truckers and rideshare drivers
-Homes and vacation houses
-Lumber
-Household products like toilet paper and tampons
-Furniture

May 07 05:51

COVID HAS TRIGGERED THE NEXT GREAT FINANCIAL CRISIS

SOURCE: CHARLES HUGH SMITH VIA OFTWOMINDS BLOG
What's left are the 'fatal synergies' of soaring debt and leverage, diminishing returns on stimulus, the substitution of credit for savings and the coming deflationary tsunami that pops all the speculative bubbles.

Imagine a once modest but sturdy home built near a cliff to maximize the vistas. Over the decades, the foundation slowly degraded and the house moved imperceptibly closer to the unstable edge of the cliff. Those who observed the slippage and the potential for eventual disaster were either derided as alarmists or ignored.

May 07 05:49

WHAT WILL YOU DO WHEN INFLATION FORCES U.S. HOUSEHOLDS TO SPEND 40 PERCENT OF THEIR INCOMES ON FOOD?

SOURCE: MICHAEL SNYDER
Did you know that the price of corn has risen 142 percent in the last 12 months? Of course corn is used in hundreds of different products we buy at the grocery store, and so everyone is going to feel the pain of this price increase. But it isn’t just the price of corn that is going crazy. We are seeing food prices shoot up dramatically all across the industry, and experts are warning that this is just the very beginning. So if you think that food prices are bad now, just wait, because they are going to get a whole lot worse.

Typically, Americans spend approximately 10 percent of their disposable personal incomes on food. The following comes directly from the USDA website…

Webmaster's Commentary: 

Again, and I know I sound like a chipped CD on this, please make sure you have storable food, meds, and water close by you.

If you HAVEN'T invested in a large-unit freezer, perhaps with family or friends, folks, now is the time to do so!! This trend is NOT going to reverse, in terms of food price inflation, any time soon.

May 07 05:47

Blinken: West Must Be ‘Very Careful’ About Chinese Investments

Secretary of State Antony Blinken said on Wednesday that the US and its allies have to be “very careful” when it comes to Chinese investments in Western economies.

“I think we have to be very careful about exactly what the nature is of that investment,” Blinken said in an interview with BBC. “And if it’s investing in strategic industry, strategic assets, that’s something that countries need to look at very carefully.”

Blinken made the comments when explaining the Biden administration’s China policy. He claims the US not trying to “China,” only that it is trying to uphold the “rules-based order,” a phrase that is now commonly repeated by Biden officials.

The “rules-based order” is code for the US-led world order that Washington sees Beijing as a threat to. A big part of what the US is threatened by is China’s investments across the world.

May 07 05:20

The Fed Can’t Be Honest About Inflation

May 07 05:20

Take A Bow, Jay Pow!

May 07 05:02

WARNING: CENTRAL BANK DIGITAL CURRENCY WILL BE 100% TRACKABLE CURRENCY

What CBDC [Central Bank Digital Currency] research and experimentation appears to be showing is that it will be nigh on impossible to issue such currencies outside of a comprehensive national digital ID management system. Meaning: CBDCs will likely be tied to personal accounts that include personal data, credit history and other forms of relevant information.
There are two very important implications here:

1. Central banks will have to kill off private sector cryptocurrencies.

There is just no way that CBs are going to allow private crypto that can provide an end-run around CBDC.

2. And this is not fully appreciated at all. Once a CBDC is established and becomes the method of general exchange, it will be very easy for governments to block any kinds of exchanges it desires to block. In other words, it provides the opportunity for cancel culture and authoritarianism at an entirely new level.

May 07 04:49

  MONTANA IS FIRST STATE TO CANCEL UNEMPLOYMENT BENEFITS IN RESPONSE TO UNPRECEDENTED WORKER SHORTAGE

SOURCE: ZEROHEDGE
Three weeks ago, when looking at the unprecedented labor shortage that is crippling the US economy (even with some 100 million Americans not in the labor force)...

...we said that there is a simple reason for this paradoxical phenomenon: trillions in Biden stimulus are now incentivizing potential workers not to seek gainful employment, but to sit back and collect the next stimmy check for doing absolutely nothing in what is becoming the world's greatest "under the radar" experiment in Universal Basic Income.

Consider the following striking anecdotes from Bloomberg:

Early in the Covid-19 pandemic, Melissa Anderson laid off all three full-time employees of her jewelry-making company, Silver Chest Creations in Burkesville, Ky. She tried to rehire one of them in September and another in January as business recovered, but they refused to come back, she says. “They’re not looking for work.”

Webmaster's Commentary: 

That.. is one ginormous economic "OUCH!!"

May 07 04:27

Why Masks Are Still Mandatory

Authored by Alex Hamilton via AmericanThinker.com,

Joe Biden is in a pickle.

He wants to continue to convince Americans they should get the experimental biological agent (AKA "the vaccine"), but, as Tucker Carlson pointed out last week, the administration and the CDC have offered no explanation as to why you need to continue to wear a mask after you have taken "the vaccine."

Why would they want us to doubt the efficacy of the vaccine? Why would any sane person who is not in a high-risk group contemplate becoming a lab experiment subject if you are not allowed (yes, our rights are now derived from government and will be doled out based on compliance) to burn your mask and return to a pre-pandemic way of life?

That's just bad salesmanship...until you think about the alternative.

Think about what would happen if they allowed (there's that word again) people not to wear masks after being vaccinated.

May 07 04:19

Atlas Is Shrugging: Forget 'The Great Reset', Here Comes 'The Great Reject'

Never mind The Great Reset. Here comes The Great Reject.
It occurred to me that I never did finish the final instalment of last summer’s Jackpot Chronicles, wherein I posited four possible post-Covid scenarios.

For a quick refresher, The Jackpot is concept I cribbed from William Gibson. It’s a term he uses across a few of his near-future cyberpunk novels that describes a series of rolling global catastrophes that set in sometime around 2016 (his stories span multiverses, and timelines, but the common theme is that somewhere around 2016, some kind of irrevocable glitch in the matrix occurred that put a permanent end to normalcy as it has been understood up until that point).

May 07 03:50

Social Unrest Fears Mount As World Food Prices Soar In April

Global inflation is headed into overdrive as the leading food price indicator that is the United Nations' Food and Agriculture Organization's food price index increased for an 11th consecutive month in April, hitting levels not seen since May 2014, with sugar prices leading the rise in the main index.

The Rome-based FAO released data Thursday showing the food price index, which measures monthly changes for a basket of cereals, oilseeds, dairy products, meat, and sugar, surged 2 points from 118.9 points in March to 120.9 in April.

Webmaster's Commentary: 

If you have not thought about possibily buying a large-capacity freezer, maybe going in on it with friends and/or family, now might well be the time to do this.

May 07 03:30

Gundlach Warns America's "Unfunded Liabilities" Are $163 Trillion, More Than 5x National Debt

The other day, DoubleLine released a recording of another talk given by Gundlach where he elaborated on the inflation theme, while also discussing other issues like the outlook for the US dollar in the face of President Biden's tax-and-spend agenda.

During the course of an hour-plus conversation, much of it accompanied by a slide deck with some of Gundlach's favorite charts, Gundlach tackled a few key topics that he feels could threaten the Fed's ability to backstop financial markets.

He started by slamming Biden's plan to hike capital gains taxes on taxpayers with more than $1 million in earnings, arguing that fears of higher capital gains taxes is already weighing in the market.

Gundlach argued that high-beta stocks and other speculative investments like bitcoin have the most to lose due to a hike in capital gains. After all, who is going to want to take a risk on a long shot if they need to give half of their winnings to the government?

Webmaster's Commentary: 

This is a move on behalf of the Biden government which cannot, possibly, end well.

May 07 00:17

Biden's COVID Relief Plans Order Whites to The Back of The Bus

Joe Biden's handlers are embracing systemic racism.

May 06 15:08

Banks Are Desperate for Borrowers

May 06 13:36

Fed turns US dollar into toilet paper

May 06 11:37

Elon Musk Facing FBI Investigation For Dogecoin Ponzi Scheme

Elon Musk is rumored to be facing scrutiny by the FBI for allegedly pumping Dogecoin and dumping it on investors who aren’t quite sure what the currency is, or does. While the FBI did not confirm this investigation they released a statement saying. “It is important for people to know what they’re getting into. Just because someone is wealthy and seen as smart, that doesn’t mean you should take financial advice from them. We intend to prosecute anyone who partakes in ponzi schemes, pump and dump like schemes.”

Elon Musk: Dogecoin Will Live Forever
Musk responded to the rumored headlines in a tweet stating “Good luck catching my rocket. Doge will live forever. #dogefather.” Musk fans appeared to be happy with their technoking crapping on the federal government, many of whom begged Elon to start his own nation free from communist Joe Biden’s grimey hands. Musk is set to host Saturday Night Live in the coming weeks though it is unclear if he will be in the country by the time it airs

May 06 09:35

IEA: U.S. Lacks Critical Minerals, Biden’s Policies Benefit China

The International Energy Agency (IEA) warned Joe Biden’s policies are bolstering Chinese control over the global supply of critical minerals.

In a new report, the IEA said the U.S. is lacking a stable supply of rare earth materials along with copper, cobalt and lithium. The agency pointed out that China controls between 60 and 90 percent of the supply of such minerals, which are mainly used in advanced electronics and clean energy production.

Back in 2019, President Trump took steps to boost America’s own supply, but the IEA said those efforts were not enough and the U.S. must diversify its sources of rare elements.

“As you can see on the screen for lithium, cobalt and rare earth elements, the world’s top three producing nations control well over three quarters of global output,” explained Tim Gould, the IEA’s head of division for energy supply outlooks and investment. “And in some cases ,a single country is responsible for around half of worldwide production.”

May 06 07:04

BIDEN’S MMT – MORE MONEY THEORY

May 06 06:40

Judge Strikes Down CDC’s National Moratorium on Evictions

A federal judge blocked a nationwide eviction moratorium that the U.S. Centers for Disease Control and Prevention established last year as Covid-19 lockdowns put millions of renters out of work.

U.S. District Judge Dabney Friedrich in Washington said the agency exceeded its authority by issuing a broad moratorium on evictions across all rental properties. “The CDC order must be set aside,” she said in a 20-page opinion on Wednesday. In recent months, others judges issued more limited rulings blocking the ban in certain jurisdictions. Friedrich’s decision goes further, saying the entire ban should be overturned nationwide.

May 06 06:33

Scammers Score $2 Million from the WallStreetBets Crowd With Fictional Crypto Launch

A cryptocurrency scam recently pilfered at least $2 million from WallStreetBets enthusiasts, convincing them that they were buying into a new crypto coin connected to the popular memestock, according to a report from Bloomberg News.

For weeks, moderators of the notorious Reddit forum have warned users to avoid fraudulent scams based around the good WSB name. A post, tethered to the top of the group’s page, asks community members to be wary of offers related to WSB products:

ANY INVESTMEMT [sic] WITH THE WSB NAME IS UNRELATED TO WSB...

People keep posting a press release about an “official” WallStreetBets distributed app. (Aka, a crypto pyramid scheme)

Nothing could be further from the truth. We are strongly anti-monetization. This scam has nothing to do with us.

May 06 06:29

Demand for Gold is Expected to Grow Exponentially in 2021

The difference between physical gold investing and ETF investing was stark in the first quarter 2021 according to the World Gold Council’s Gold Demand Trends data released last week.

Before focusing in on investment demand below a few notes on overall gold demand in the first quarter.

Total gold demand in the first quarter of 2021 was down 4%. However, because gold production and gold demand (jewellery, bar and coin etc.) are decentralized around the globe, and no one ever has a complete picture of all transactions. So the WGC adds up all the known supply and demand. If measured demand does not exactly match measured supply, then there is an X factor added to demand, because in the end demand should always equal supply. In the first quarter this balancing X factor increased by a whopping 247% over the first quarter 2020.

May 06 05:52

New Bill Would Ban Bitcoin Mining Across New York State for Three Years

A new bill that hit the New York state senate on Monday is aiming to put a multi-year pause on crypto mining operations across the state until authorities can fully suss out what that mining is doing to the climate and local environment. Bill 6486 is being spearheaded by state Sen. Kevin Parker, who had previously sponsored other bills to help the state meet its climate goals.

Bitcoin mining has come under increasing scrutiny for the staggering carbon footprint tied to electricity use to keep operations running 24/7. An analysis by Digiconomist puts the global mining footprint at around 53 megatons of carbon dioxide annually, equivalent to all of Sweden’s emissions. Upstate New York has recently become a hotbed of mining activity, and there could be more mines in the works.

May 06 05:36

Banks are making UNPRECEDENTED moves in our economy. Here’s how to prepare.

May 05 15:51

Biden’s Stimulus Springs Leaks as March Trade Deficit Explodes to Highest Level Ever

The direct stimulus payments that hit bank accounts across the U.S. in March increased incomes by a record amount—but much of it found its way into foreign coffers, pushing the trade deficit up to the highest level on record.

The U.S. international trade deficit rose to a record $74.4 billion in March with more imports on the books than exports, the Commerce Department said in a report Tuesday.

Exports of goods and services through international trade for the month rose 6.6 percent to $200 billion compared to imports of goods and services (up 6.3 percent to $274.5 billion), the report said.

May 05 12:07

BIDEN’S MMT – MORE MONEY THEORY

The number one objective of a US president is to be reelected. To achieve that, it is not enough to be good looking or to speak well.

No, the only way to be reelected is to buy votes. The price of votes varies depending on the state of the economy. At the bottom of a cycle, relatively little is needed since the economy was about to turn anyway.

May 05 12:02

Breaking — Federal judge overturns national ban on renter evictions…

Federal Judge Dabney Friedrich struck down on Wednesday the national eviction moratorium, potentially leaving millions of Americans at risk of losing their homes.

The Centers for Disease Control and Prevention has banned most evictions across the country since September. President Joe Biden has since extended that protection to renters until July.

Some 1 in 5 renters across the U.S. are behind on their payments.

The decision from U.S. District Judge Friedrich of the District of Columbia, who was appointed to the court in 2017 by President Donald Trump, is a victory for the property owners who’ve challenged the CDC’s moratorium.

It’s not yet clear if the impact of the decision will be widespread, said Diane Yentel, president and CEO of the National Low Income Housing Coalition. She was hopeful on Wednesday it wouldn’t.

May 05 11:39

Americans Are Fleeing Major Cities

The hottest real estate market in the country is Coeur d'Alene, Idaho which the media has historically dubbed "Whitopia."

May 05 08:39

Impending doom? Economist predicts ‘Biden’s woke economics will lead to disaster’

Economist and University of Maryland Professor Emeritus Peter Morici penned a fiery op-ed headlined, “Biden’s woke economics will lead to disaster.” In the piece, Morici argued that “Mr. Biden doesn’t just want guardrails on markets — limits on bank risk taking, regulations to police discrimination and subsidies to reshape health care.”

Morici decried how Biden is trying to arbitrarily “reprogram American capitalism and culture to address alleged sexism, structural racism and climate change.” Morici didn’t hold back: “Economic policy has become a playpen for the woke Gestapo.”

Morici noted that “[s]ocial efficacy is subjective — what criteria should central banks and private lenders use to assess a race-neutral or transgender-friendly workplace?” In his estimation, Morici said that Biden’s massive influx of “woke” into economic policy “is leading to terrible investment choices.”

May 05 08:24

Amazon is accused of 'appalling tax avoidance' after it emerges the company's European arm scored record sales of £38billion last year... but didn't pay a penny in corporation levy

Sales rocketed from £27.9billion in 2019 as the pandemic fuelled demand for internet shopping.

The global giant racked up revenues of more than £4million an hour in 2020. However, it paid no corporation tax after recording its biggest annual loss so far.

Accounts filed in Luxembourg, where the company’s European division is based, showed losses soared from £508million to £1billion. Because of this, Amazon actually received a tax credit – money it can deduct from future bills – worth £49million.

The company has denied claims that it struck a ‘sweetheart deal’ with Luxembourg tax chiefs

May 05 07:23

Biden Coronavirus Relief Prioritizes Funds for Non-White Business Owners

Restaurants and venues owned by white men will be last in line for federal relief under President Joe Biden’s “Restaurants Revitalization Fund” (RRF), prioritizing funds for women and minority groups first.

As part of Biden’s American Rescue Plan Act of 2021, the Small Business Administration (SBA) is opening the application process by which owners of restaurant, bars, and other venues can apply for federal relief to help make up for the loss of revenue as a result of economic lockdowns spurred by the Chinese coronavirus crisis.

The plan allows business owners to apply for relief of up to $10 million per business and no more than $5 million per physical location. Business owners do not have to repay the funds so long as the money is spent by March 2023.

May 05 06:39

WHY YOUR GROCERY BILLS ARE GOING UP (AND ARE ONLY EXPECTED TO GET BIGGER)

It’s official: food inflation has arrived. Food prices soared 3.9 percent in 2020, the Department of Agriculture recently reported.

Americans spent a lot of money on groceries over the past year—and it isn’t just because they were eating more meals at home. According to the Bureau of Labor Statistics, food prices jumped 3.9 percent in 2020, nearly triple the rate of inflation.

Unfortunately, this trend seems poised to continue. The US Department of Agriculture estimates grocery bills could increase by another 3 percent in 2021, while some experts are betting on even longer-term problems.

“I think food prices are going to continue to increase for probably a good year, year, and a half,” warns Phil Lempert, founder of SupermarketGuru.com.

Shoppers are already feeling the crunch. Long Island resident John Kermaj recently told NBC News, “We used to buy this stuff for $30. Now it’s $60.”

May 05 06:19

Dangers Of Programmable Money Explained

Dominic Frisby with Money, Markets & Other Matters talks about the war on cash and central bank digital currency, known as CBDC. He questions if CBDCs are "the final step into the brave new world - Orwellian great reset dystopia - we seem to be heading towards" or are they "the onramp to the Bitcoin motorway." He said the answer is "both."

Frisby points out the biggest issue with CBDCs is that digital money is "programmable," which means the issuer, such as the Federal Reserve or the Bank of England, can build specific rules into it. He said cash grants users freedom and power.

May 05 06:03

Billionaire Is Perplexed That Underpaid Oil Workers Are Striking

Since mid-April, the United Metro Energy facility in Brooklyn has had a squadron of oil workers stationed outside—alternating shifts so that men are there 24 hours, seven days a week—striking for better pay and benefits from the company’s owner: grocery store billionaire, twice-failed mayoral candidate, and right-wing shock jock John Catsimatidis.

The workers, a coalition of mechanics, terminal operators, and service technicians, elected to go on strike on April 19, following years of delayed negotiations on a union contract, which they voted to form back in 2018. “We are out there every single day, around the clock,” said Assaf John, who has been working as a service technician at the company for 12 years. “I’m here until 3 o’clock, then we have guys coming in at 3 p.m., and some who are there overnight until the morning.”

May 05 05:53

China's Gen Z Splurges On Luxury As Its Debt-To-Income Nears An Insane 2,000%

While representatives of America's Gen Z are stugling with daytrading dogecoin, finding jobs, and generally leaving their parents' basement...

... China's youth is rapidly emerging as the greatest spending power in the world, especially when it comes to buying luxury items they can't afford.

Take Chinese live-streamer Huang Hanwen who uses domestic cosmetics brands and spends his time talking about animation, comics, games and short novels, as well as domestic, Japanese and Korean celebrities and entertainment news. At weekends, he uses Make Up For Ever and drinks imported whisky mixed with Coke or Red Bull.

May 05 05:37

$17.5 Million In Revenue And $5.4 Billion In Losses: Archegos Was A 300x-Levered Time Bomb For Credit Suisse

A bank's prime brokerage unit is supposed to be a safe, reliable and predictable generator of revenue, resulting from modest-margin transactions with a bank's hedge fund client base. It's safe because the bank's risk managers scour the bank's exposure to various hedge funds, and immediately flag any clients that become too big and a potential source of loss (it's also "safe" because the bank's prime brokerage management tends to make far less than the frontline Sales and Trading staff).

That is, at least, the theory. The practice, as the recent Archegos fiasco demonstrated, is anything but.

May 05 05:21

Tell the truth, America… the G7 meeting is all about trying to contain the rise of China

The supposed theme of this week’s G7 summit in London is a focus on establishing a rules-based international order, says Antony Blinken. What that means is the US trying to persuade other countries to get tough on China.

The meeting of the ministers of the G7 group of advanced economies – or self-styled “leading democracies” – promises to be a fascinating affair. In attendance are the United Kingdom, which is chairing the meeting, as well as the United States, Canada, France, Germany, Italy and Japan, alongside honorary invitees South Korea, India and Australia.

High on the agenda are Russia, China and the situation in Myanmar, with British Foreign Secretary Dominic Raab giving an idea of the general theme by referring to those in attendance as “like-minded countries agile enough to work together.”

May 05 05:19

Economist: American Cannot Handle Biden Spending Spree, 'No Logic' To Plans

Biden’s address to a Joint Session of Congress last week was "pretty boring," he noted, "but he did lay out a very aggressive left-wing tax-and-spend agenda — massive spending for everything from babysitting services to free healthcare, everything is going to be free.”

“Everyone knows that everything cannot be free,” he went on to say.

Moore continued, “we used to talk about the V-shaped recovery, so that's what we're seeing right now, and I'm here to tell you, I don't think we need a blizzard of additional spending. Just let the economy heal on its own; we don’t need this avalanche of programs that Joe Biden is talking about. After all, somebody is going to have to pay the tab for all this spending. I think the American people are starting to turn against it."

May 05 05:18

'Woke' Companies Pandering To Progressives At The Expense Of Employees

Boeing announced on Friday that it has fired 65 employees over the last year for engaging in or being part of racist, discriminatory or hateful conduct.

In a company-wide report that unveiled the first demographic breakdown of its workforce, the planemaker stated the employees were terminated between June 2020 and April 21, 2021.

American companies have come under pressure from investors to publicly disclose information about diversity among employees in the wake of movements such as Black Lives Matter.

May 05 05:05

Russia says ready to leave SWIFT, plans to join Iran’s Sepam

Russia says it is preparing to leave US-dominated international payment system SWIFT and pairing with alternative systems, including Iran’s electronic financial messaging platform Sepam.

The decision announced by Russian Foreign Ministry spokeswoman Maria Zakharova comes in the wake of a resolution passed recently by the European Parliament calling for Russia's expulsion from the SWIFT financial network.

In an interview with RT television network, Zakharova said while Russian authorities still assess the likelihood of being cut from the Western payment system, they are already working to reduce risks and possible damage.

“So, as an alternative to SWIFT, the system of transferring financial communications of the Bank of Russia is considered,” she said.

“We study the options for pairing with foreign systems, such as European SEPA, Iranian Sepam, Chinese Cup and CIPS,” Zakharova added.

May 05 05:01

COMEX Gold Delivery Update

As we've been reporting for over a year, something radically snapped and changed at the COMEX in March of 2020. To that end, it's time for another update.

If you've followed the precious metals for any length of time, then you likely know that "delivery" on COMEX has always been a charade designed to impart legitimacy to the price discovered there through the trading of digital derivatives. For time immemorial, only a few contracts would ever "stand for delivery" on the bi-monthly schedule, and the participants in this warrant-shuffling game were almost entirely bullion banks. These banks would trade warehouse receipts back-and-forth in their shell game designed to create and maintain the illusion of physical delivery.

May 04 22:13

UK Mortgage Lending surges to a record high

May 04 17:59

Food Is A Double National Security Issue

By Neenah Payne

America talks a lot about “Homeland Security” — but ignores the key role food plays in national security. Food is a national security issue in two ways that are not immediately obvious but which now threaten our survival as a nation in surprising new ways...

May 04 14:59

US economy is growing quickly but flashing an inflation warning sign: Prices of goods we use every day are rising at their fastest pace in three years, with coffee up 8%, bread up 11% and gasoline up 22%

The US economy is roaring back to life after stalling out during the pandemic, but there are warning signs flashing that could hit consumers right in the pocketbook.

Measures of inflation - or the prices of goods and services that we all pay - are rising much more quickly than experts like to see. If those price increases get out of control, then the economic boom is likely to come to a screeching halt.

And many signs of inflation are already here - with the prices of groceries, household items, gas and electricity, for example, all surging over the last year.

May 04 14:03

The Calm Before the Storm

May 04 12:26

VIDEO: Antifa militant jumps on car's hood as fellow comrades close in. So the driver — reportedly an elderly man — hits the gas.

And the strategy has pretty much worked. Drivers typically have been the first ones to blink, and depending on how much fear is involved, might even consider themselves lucky if they can make U-turns and escape with just a few dents and broken windows.

May 04 09:35

Skyrocketing Lumber Prices Have Increased The Average Price Of A New Home By $35,872 In 1 Year

Do any of you remember when you could buy an entire house for $35,000? There was a time in America when middle class Americans could buy a house and have it paid off in just a few years. But now existing home prices have soared into the stratosphere, and lumber prices are making it ridiculously expensive to build new homes. As you will see below, skyrocketing lumber prices have driven up the average price of a new home in the United States by almost $36,000 over the past 12 months. That is absolutely nuts, but everyone agrees that even more inflation is on the way.

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