ECONOMY | WHAT REALLY HAPPENED


ECONOMY

Jul 21 11:07

The Calm Before The Storm

Jul 21 10:37

San Francisco's Hidden Homeless

Over the last several months, cities and counties across California have been releasing homeless counts. The results have been grim.

San Francisco was no exception. In May, the city released data that showed homelessness had jumped 17%. That was bad enough. Last week, a more complete accounting, known as a point-in-time count, showed the problem was even worse.

The count revealed that homelessness in a city that’s become a caricature of wealth inequality in the U.S. had actually increased by about 30% from 2017, when the last count took place.

Webmaster's Commentary: 

As a native San Franciscan, this breaks my heart; how could a city with so much intellectual, artistic, and social capital be one the worst for our nations' homeless?!?

Jul 21 10:11

World Economy Dumping Faster Than Planned

Jul 21 10:04

A Bank With $49 Trillion In Derivatives Exposure Is Melting Down Before Our Eyes

Deutsche Bank is the most important bank in all of Europe, it has 49 trillion dollars in exposure to derivatives, and most of the largest “too big to fail banks” in the United States have very deep financial connections to the bank. In other words, the global financial system simply cannot afford for Deutsche Bank to fail, and right now it is literally melting down right in front of our eyes. For years I have been warning that this day would come, and even though it has been hit by scandal after scandal, somehow Deutsche Bank was able to survive until now. But after what we have witnessed in recent days, many now believe that the end is near for Deutsche Bank. On July 7th, they really shook up investors all over the globe when they laid off 18,000 employees and announced that they would be completely exiting their global equities trading business…

Jul 21 09:39

A BANK WITH $49 TRILLION IN DERIVATIVES EXPOSURE IS MELTING DOWN BEFORE OUR EYES

SOURCE: ZEROHEDGE

Authored by Michael Snyder via The Economic Collapse blog,

Could it be possible that we are on the verge of the next “Lehman Brothers moment”?

It takes a lot to rattle Wall Street.

But Deutsche Bank managed to. The beleaguered German giant announced on July 7 that it is laying off 18,000 employees—roughly one-fifth of its global workforce—and pursuing a vast restructuring plan that most notably includes shutting down its global equities trading business.

Though Deutsche’s Bloody Sunday seemed to come out of the blue, it’s actually the culmination of a years-long—some would say decades-long—descent into unprofitability and scandal for the bank, which in the early 1990s set out to make itself into a universal banking powerhouse to rival the behemoths of Wall Street.

These moves may delay Deutsche Bank’s inexorable march into oblivion, but not by much.

Webmaster's Commentary: 

This well could have a "domino effect" on US financial markets; the only question left now, is; when?!?

Jul 21 07:49

The Fed’s Final Bullet

Jul 20 15:08

2020 Candidates Keep Ignoring The Same Big Issue

Trump repeatedly warned during his 2016 campaign that America’s expanding national debt posed a threat to the country, but the debt has only continued to grow during Trump’s presidency.

Jul 20 13:08

School District Warns Parents Their Kids Could Be Taken Away Over Unpaid Lunches

By Emma Fiala

A school district in Pennsylvania has warned parents that their children could end up in foster care if overdue school lunch bills aren’t paid.

About 1,000 parents in the Wyoming Valley West School District received letters outlining the new policy, leading to complaints from parents and the community...

Jul 20 11:13

Support for $15 Minimum Wage Plummets When Americans Are Told Its Economic Impact

By Jon Miltimore

Minimum wage laws, I’ve noted, are popular with the public. This no doubt explains why House Democrats passed a bill Thursday that would raise the federal minimum wage to $15 an hour.

Yet the minimum wage’s apparent popularity might be political pyrite (fool’s gold).

A newly published Business Insider survey found that support for the minimum wage wilts when Americans—both Republicans and Democrats—are told of its full economic impact...

Jul 20 10:22

Why are macro hedge funds buying gold today?

Jul 19 18:11

Why hyperinflation maybe inevitable

Jul 19 12:09

Scott Adams: Dr. Drew Talks About LA Apocalypse, Trump’s Tweet, Iran

Comments at: https://twitter.com/ScottAdamsSays/status/1152216646007676931

Dr. Drew talks about dangerous disease outbreaks in Los Angeles
Bubonic plague, typhus, TB, typhoid fever
What can be done? @DrDrew
Resolution debate: Is Antifa a domestic terrorist organization?
“Send her back” chant and President Trump
Deeply offended role-playing, and the outrage awards
S.E. Cupp wins for her performance
Allegations of Omar getting into America illegally
Rand Paul MIGHT be the most trustworthy person in politics
He seems to be completely free from political wind
Negotiating tip for Iran: Become America’s ally
President Trump’s tweet take-down of NYT Thomas Friedman
Is it possible for people to SAY bad things…and NOT be bad people?
Offensive and racist are two different things

Jul 19 12:03

QQQ Volume Showing Us Sign of a Top

Jul 19 11:38

The Dumb Money Is Nearing Maximum Confidence

Jul 19 10:34

Rural America and the 5G Digital Divide

By Renee Parsons

While there is considerable telecom hubris regarding the 5G rollout and increasing speculation that the next generation of wireless is not yet ready for Prime Time, the industry continues to make promises to Rural America that it has no intention of fulfilling. Decades-long promises to deliver digital Utopia to rural America by T-Mobile, Verizon and AT&T have never materialized...

Jul 19 09:52

Rush Limbaugh admits GOP's fiscal attacks on Obama were "bogus," defends Trump's deficit

Conservative radio host Rush Limbaugh admitted that Republican fear-mongering over the federal deficit under President Obama was “bogus,” while defending the deficit's explosive rise to $1 trillion under President Trump.

During Limbaugh’s show on Tuesday, a caller suggested that Republicans should nominate a young fiscal conservative instead of Trump, citing the rising deficit. Limbaugh dismissed the concerns, declaring that fiscal conservatism was basically a sham all along.

Jul 19 09:08

A Bank With 49 Trillion Dollars In Exposure To Derivatives Is Melting Down Right In Front Of Our Eyes

By Michael Snyder

Could it be possible that we are on the verge of the next “Lehman Brothers moment”? Deutsche Bank is the most important bank in all of Europe, it has 49 trillion dollars in exposure to derivatives, and most of the largest “too big to fail banks” in the United States have very deep financial connections to the bank. In other words, the global financial system simply cannot afford for Deutsche Bank to fail, and right now it is literally melting down right in front of our eyes...

Jul 19 08:59

You Can Set Up This Solar Powered Prefab Cabin In Just 4 Hours

By Mayukh Saha

These cabins can be set up by customers in any location in a flash. Especially the ‘Mono’, a tiny cabin which is prefabricated– it can be ready in 4 hours, and completely runs on solar electricity...

Jul 19 08:44

Agricultural Loans Declining Right on Target

Jul 19 08:22

Bitcoin Mining And Money Laundering

By Vin Armani

I have developed significant patience for dispelling myths about “Bitcoin as a currency of crime” when in conversations with nocoiners (those who have never participated in the cryptocurrency world), but I was quite shocked recently to hear individuals who called themselves Bitcoiners being quite vocal about Bitcoin, and other cryptocurrencies, being used as a tool for money laundering. It gave me pause and got me thinking about whether Bitcoin could, in fact, be used as a vehicle for money laundering. It turns out that Proof Of Work cryptocurrencies like Bitcoin can indeed be used for money laundering, but not at all in the way that was being claimed...

Jul 19 08:06

What The 15-Hour Work Week Prophets Failed To Account For

By Saul Zimet

There is a utopian vision shared by hard workers everywhere: One day we will look back on all our accomplishments and say “at last, the age of respite and luxury has finally arrived!” But as the forecasted luxury manifests all around us, the respite is nowhere in sight.

John Maynard Keynes, one of history’s most influential economists, predicted in 1930 that the grandchildren of his generation would enjoy 15-hour work weeks. The rest of the labor would be done by machines. This was a popular idea. In 1965, a Senate subcommittee projected that we would only work 14 hours per week by the year 2000. So, what did the prophets fail to account for?...

Jul 19 07:32

Bitcoin and Voluntaryism – Where Libertarian Philosophy Meets Crypto

By Graham Smith

For the uninitiated, voluntaryism is a philosophy based on consent. In the simplest terms it says: “If it’s not voluntary, it’s not moral.” This basic statement is often countered with “Yes, but not everyone agrees on that, some people use violence to get what they want.” This is 100% true. And this is why voluntaryists are not pacifists, but believe in and support self-defense. Self-defense as per voluntaryism is defined as protecting one’s property, which begins with the self. As such, the philosophy and its adherents have taken a remarkable interest in bitcoin, thanks to the non-violent nature of peer-to-peer, decentralized currency...

Jul 19 06:25

Doctors are still making the most money

Jul 18 19:06

Does huge buybacks guarantee stocks profits?

Jul 18 17:29

A Bad Copyright Bill Moves Forward With No Serious Understanding of Its Dangers

By Katharine Trendacosta

The Senate Judiciary Committee voted on the Copyright Alternative in Small-Claims Enforcement Act, aka the CASE Act. This was without any hearings for experts to explain the huge flaws in the bill as it’s currently written. And flaws there are.

During the vote in the Senate Judiciary Committee, it was once again stressed that the CASE Act—which would turn the Copyright Office into a copyright traffic court—created a “voluntary” system. “Voluntary” does not accurately describe the regime of the CASE Act...

Jul 18 16:27

Boeing takes $5bn hit over grounding of 737 Max

Boeing is taking a $4.9bn hit to cover the costs of the grounding of its 737 Max aircraft after two deadly crashes.

The charge is set to wipe out profits when the world's biggest planemaker posts quarterly results next week.

In a statement, Boeing also said its "best estimate at this time" is that 737 Max will return to service in the last three months of this year.

Jul 18 12:58

Mapping Out the 'Filthy Rich' In Each State

Jul 18 12:16

Railroad CEO: This Economy Is The “Most Puzzling” In My 40-Year Career

By Mac Slavo

Railroad CEO James Foote says that the behavior of this economy is the “most puzzling” he’s seen in his 40-year career in the railroad industry. “The present economic backdrop is one of the most puzzling I have experienced in my career,” Foote told Wall Street analysts on a conference call Tuesday evening.

“Both global and U.S. economic conditions had been unusual this year, to say the least, and have impacted our volumes. You see it every week in our reported carloads...

Jul 18 11:56

Global debt levels continue to rise

Jul 18 11:44

In Major Threat To Dollar's Reserve Status, Russia Offers To Join European SWIFT-Bypass

Three weeks after a meeting between the countries who singed the Iran nuclear deal, also known as the Joint Comprehensive Plan of Action (JCPOA), which was ditched by US, French, British and German officials said the trade mechanism which was proposed last summer - designed to circumvent both SWIFT as well as US sanctions banning trade with Iran - called Instex, is now operational.

And while we await for the White House to threaten Europe with even greater tariffs unless it ends this special purpose vehicle - it already did once back in May when it warned that anyone associated with the SPV could be barred from the U.S. financial system if it goes into effect - a response from the US is now assured, because in the biggest attack on the dollar as a reserve currency to date, on Thursday, Russia signaled its willingness to join the controversial payments channel, and has called on Brussels to expand the new mechanism to cover oil exports, the FT reported.

Jul 18 11:00

Money Laundering Fines Worth Billions Help Bankers Avoid Prosecution and Unpleasant Labels

By Lubomir Tassev

The recent seizure of a cargo ship owned by JP Morgan, a vessel loaded with 20 tons of cocaine according to latest accounts, highlighted the risks of banks’ involvement in illicit activities, inadvertent or otherwise. And although U.S. authorities released the MSC Gayane after the owner, JP Morgan’s asset management arm, and the operator, Mediterranean Shipping Company, paid a $50M in cash and surety bond, the stain remains and this is not the only stain. Money laundering for drug cartels and moving funds for terrorists, arms dealers and dictatorial regimes are among the sins banks have accumulated through the years. However, court settlements and billions of dollars in fines often help major financial institutions avoid prosecution, conviction, and labels like ‘Drugbanks.’...

Jul 18 10:15

Walmart To Lose $1 Billion In E Commerce Operation

Walmart (NYSE: WMT) has been pouring billions into its domestic e-commerce operations for the past three years, since acquiring Jet.com and installing Marc Lore as the head of U.S. e-commerce. It’s bought several digitally native brands, including Bonobos and Modcloth, and it’s successfully attracted new brands to Walmart.com and created its own brands in-house.

But its online grocery business, a business in place before the Jet.com acquisition, has been the star of the show the last few years. Online grocery helped propel Walmart’s U.S. e-commerce business to 40% revenue growth last year, and a similar level of growth will help Walmart reach between $21 billion and $22 billion in online sales this year.

While grocery is a standout winner, Walmart’s efforts to capture share of more traditional online purchases have come at a huge cost. The company is set to lose more than $1 billion this year from its U.S. e-commerce operations, according to a report from Recode.

Jul 18 10:00

'Enemy is on Wall Street, not in Iran'

Jul 18 09:37

City Announces Cops to Begin Arresting People for Being Homeless in the Wrong Part of Town

By Matt Agorist

Orange County, CA — The war on homelessness has reached unprecedented heights this week as officials in California announced that they will begin arresting people in certain ares for the sole factor of being homeless. The announcement comes after a series of lawsuits were settled to get a handle on Orange County’s homeless problem.

For the mere act of being homeless in the wrong part of town, cops can now arrest people...

Jul 18 07:54

4 Ways Employers Respond to Minimum Wage Laws (Besides Laying Off Workers)

By John Phelan

Most of you will be familiar with a supply and demand graph. This shows a demand curve, which graphs the relationship between the price of something and the quantity demanded of that something, as well as a supply curve, which graphs the relationship between the price of something and the quantity supplied of that something. It is probably the most basic—and useful—model in economics.

Whether the something in question is a good or a service, shoes or labor, the basic supply and demand model predicts that, ceteris paribus, an increase/fall in the price of something will lead to a fall/increase in the quantity demanded of that something—this is Econ 101...

Jul 18 07:50

U.S. Manufacturing Is Officially In Recession

Jul 18 04:43

Visualizing American’s Debt Problem

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