ECONOMY | WHAT REALLY HAPPENED

ECONOMY

Aug 08 08:46

Weekly Update --- Congress Spending Surge is National Suicide

Aug 08 08:35

Failed city of Seattle: Police response to business owner whose customer was assaulted by homeless criminal, “you’re pretty far down the line, pal”

As I’ve mentioned many, many times here on this blog: The demorat-run city of Seattle has a major homeless crisis in which the bureaucrats do nothing to solve. They allow the homeless to commit crimes, camp and urinate and defecate on the streets, and do drugs in the open. See the following:

Aug 07 13:06

China’s exit from US agriculture is a devastating blow to an already struggling sector

Agriculture has been a weapon of choice in the escalating trade war between the world’s two largest economies.

With China officially pulling out of buying U.S. agricultural products, American farmers are losing one of their biggest customers. It could be a devastating blow in an already tough year for crops and commodity prices. It may also dent U.S. gross domestic product and hurt companies like Deere, whose business is directly tied to farming in the Heartland.

Aug 07 11:57

The LOW-Down On Market Breadth

Aug 07 11:45

Baltic Exchange Dry Index

Aug 07 11:08

And That’s How it All Came Down

Aug 07 10:46

Visualizing America’s Student Debt by State

Aug 07 10:43

Scott Adams: The Mental Illness Crisis Turning Democrats into FAKE NEWS ZOMBIES

Comments at: https://twitter.com/ScottAdamsSays/status/1159101969501282304?s=20

Democrats are implementing a trade war against America
Financially penalizing Americans for their political beliefs
Isn’t that a trade war…Joaquin Castro?
MSNBC’s Nicolle Wallace…“misspoke?
”What’s wrong with Nicolle Wallace?
Reza Aslan wants someone “eradicated”?
CNN FAKE NEWS Chyron: “Trump Inspired Terrorism”
Immigration debate curiosity…
NO Democrat has said HOW MUCH immigration is okay
NO Democrat has even been ASKED the question
Extra people = extra crime
How much additional CRIME is acceptable to you?
If you can’t put a number on it, you aren’t sincere
What impact will your policy have on the country…in 10 years?
Has Presidential candidate Andrew Yang told a direct lie yet?
Is he the ONLY Democrat candidate who has NOT directly lied?

Aug 07 10:08

2020 Candidates Offer New Government Ponzi Schemes

By Gary Galles

Seeing the Democrat debates has reminded Americans just how much of campaigning is promising something-for-next-to-nothing in attempts to buy electoral support. But when you think about historic Democrat bragging points, like Social Security and Medicare, that is not surprising. They have long been “something for you today partly at someone else’s expense tomorrow” programs. In other words, they have been partial Ponzi schemes from the beginning.

However, the political history on both sides of the political aisle is not very encouraging when it comes to preventing the pillage of future generations...

Aug 07 10:07

At this rate, the rich could truly have it all just 33 years from now

Mark your calendars. The rich will truly "have it all" just 33 years from now.

Yup, that's when the top 10% of all households could have 100% of all the net worth in America.

Aug 07 09:56

From Booze to Bitcoin Mining – Why Violent Prohibition Is Always Harmful

By Graham Smith

Introduce some violent legislature into the mix, and even simple activities end up culminating in potential violation, kidnapping, and caging...

Aug 07 09:07

Dow drops more than 200 points as August swoon resumes on Wall Street

Stocks fell on Wednesday, adding to the month’s steep losses, as a drop in global bond yields raised concerns about a slowing global economy.

The Dow Jones Industrial Average dropped 242 points, or 0.96%. The S&P 500 lost 0.5% while the Nasdaq Composite traded 0.1% lower. The major indexes were all down more than 1% earlier in the day. Wednesday’s losses brought both the Dow and S&P 500 down more than 3.8% for the month. The Nasdaq was down 4.3% for August.

Webmaster's Commentary: 

The DOW is down 367 as I type this.

Aug 07 00:52

NZ Finance Minister Grant Robertson says the 0.5 per cent cut to the OCR is good news for Kiwis

The Reserve Bank's "stunning" cut to the official cash rate means it's a very good time to invest in New Zealand, according to Finance Minister Grant Robertson.

This morning, the Reserve Bank cut the official cash rate (OCR) by 50 basis points to 1 per cent – a historic low.

This is just the fourth time in New Zealand's history the OCR has been cut by 50 basis points.

The first was after the 9/11 terrorist attack, then during the global financial crisis, and again after the Christchurch earthquake.

Westpac called the decision "stunning" and said it was very surprised that the Reserve Bank would cut the OCR so significantly "in today's environment".

*It's good to know our Finance Minister thinks devaluing our dollar is good for us. I'm so happy...*

Aug 06 20:27

NZ Reserve Bank cuts OCR to 1 per cent, ASB lowers mortgage rates

In a surprise move, the Reserve Bank has cut its official cash rate by half a percentage point to 1.0 per cent.

Market expectations were for a 25 basis point cut.

Mortgage interest rates are already at record lows and look set to push lower still.

ASB bank is the first bank to cut its home loan rates in the wake of the Official Cash Rate cut.

It will shave four basis points off its two year fixed home loan cutting it to 3.75 per cent while cutting 50 basis points off its variable home loan and 45 basis points off its Orbit home loan dropping them to 5.2 per cent and 5.3 per cent respectively.

*It's a race to the bottom & it looks like we might win against Aust! Com'n US, join us! We may as well tank together!*

Aug 06 18:59

“Free Everything” and the First Law of Politics

By Dan Sanchez

Health care and education are not “free” in that sense. Pills and pencils, surgeries and lectures are scarce. The same pill can’t be swallowed by two people. And the material and labor that go into producing those things are also scarce. Resources cannot be endlessly lavished on one area without making other uses of those resources impossible. To think otherwise would indeed be “fairytale economics.”

When scarcity is a factor, “how can we afford this?” is a key question, and “we can’t” is a possible answer...

Aug 06 17:08

The Case for a Coercive Green New Deal?

By Richard M. Ebeling

Social and economic crises, real and imagined, often seem to bring out the most wrongheaded thinking in matters of government policy. Following the 2008 financial crisis and with the fear of “global warming,” there has been a revival in the case for “democratic” socialism. But now its proponents are “out of the closet” with a clear cut and explicit call for forcefully imposed, authoritarian central planning of the world...

Aug 06 15:12

Nothing Is Guaranteed

Aug 06 12:29

Retail Apocalypse Claims Latest Victim: Barney's Files For Bankruptcy; Blames Rising Rents, Fewer Customers

Ultra luxury department store chain Barney’s probably did not use a plush, Louis Vuitton letter pouch in which to submit its Chapter 11 filing at Bowling Green yesterday, but the result is the same: the iconic Madison Avenue store officially filed for bankruptcy protection and laid out its plans to shut down most of its stores, according to Bloomberg. The company cited rising rents and fewer visitors to its stores as the reasons for its restructuring.

Aug 06 12:28

US-China Direct Investments Plunge To Five-Year Low Amid Intensifying Trade War 

American and Chinese investors' willingness to deploy capital into each other's countries has plummeted to a five-year low amid escalating trade tensions between the two countries, according to a new study by research firm Rhodium Group.

Two-way foreign direct investment (FDI) between the US and China fell 18% YoY to $13 billion in 1H19 and approached levels not seen since 1H14.

Aug 06 10:59

China approves wheat, soy imports from Russia

China has approved wheat imports from the Russian region of Kurgan, the Chinese customs office said on Friday, bringing Russia a step closer to its goal of dramatically increasing grain exports.

It also approved soybean imports from all parts of Russia, the General Administration of Customs said in a separate statement on its website, having all but halted U.S. soy imports as the trade dispute between Beijing and Washington deepened.

China was the top buyer of U.S. soybeans until Beijing slapped a 25% tariff on shipments last year in response to U.S. tariffs on a range of Chinese products.

Aug 06 10:40

Trump Launches Long-Term Strategy Against The Federal Reserve

The Federal Reserve’s modest rate cut last week disappointed President Donald Trump.

He wanted more and he was quick to criticize Powell and Company. The very next day, the president trumped the Fed by slapping down the tariff card.

Aug 06 10:25

Indian Rupee Plunges Most In Six Years Amid Trade War And Kashmir Chaos 

The Indian rupee (INR) plunged the most in six years amid turmoil in both global equity and currency markets to start the week.

The rupee fell to 70.74 against the US dollar, could test 71.50 level in the coming weeks.

Aug 06 10:23

TRADE DEFICIT WIDENS & 3 MORE DATA POINTS PROVING THE U.S. IS LOSING THE TRADE WAR

As the trade deficit continues to widen and President Donald Trump ramps up his rhetoric on China, one thing is for certain: the data points show that the United States is the loser in this trade war.

There is no coming out on top when the tariffs, which are paid in whole by American consumers and businesses, are a financial burden and additional tax on your own. According to a report by Reason, investment in American businesses has fallen sharply since the start of the trade war, and American exports are way down too.

Aug 06 10:22

HSBC WILL SLASH THOUSANDS OF JOBS AS ECONOMY WORSENS

Up to 2% of HSBC bank’s 237,685 employees could lose their jobs, a bank executive said Monday, as the bank flagged a worsening outlook for the global economy in its second-quarter results. The economy’s woes are beginning to manifest in real job losses, and it’s not likely to end here.

The retail apocalypse and subsequent job losses have somehow managed to escape scrutiny as people put on blinders to what’s really going on in the economy. As we’ve said before, Main Street and Wall Street are two different things when it comes to how well folks are doing during this economic “expansion.”

Finance director Ewen Stevenson in an interview said the job cuts, which will be targeted at senior roles, would shave up to 4% off HSBC’s wage costs and would come from a mix of layoffs and attrition as people leave for other jobs. HSBC said severance costs this year would be $650 million to $700 million and save it that much annually going forward. –Market Watch

Aug 06 10:21

"We're Already Starting To Ration Our Corn" - Perfect Storm Could Send Spot Prices Higher

Corn is extensively used to feed livestock, but the surge in spot prices has forced US farmers to search elsewhere for low-cost substitutes, reported Reuters.

The persistent wet weather that swamped the Midwest this spring is now reducing corn yields.

Aug 06 09:50

Report Sheds Light On The Rockefeller Family’s Covert “Climate Change” Plan

Op-Ed by Arjun Walia

The climate is changing, and it has been changing for a very long time. In fact, the climate has always been changing, and there are a myriad of factors that influence climate change like solar activity and much more. If you’re not educated on climate science, it’s easy to adopt the “doomsday” perspective that’s often dished out by mainstream media. However, when you look at what actual climate scientists are saying, it doesn’t seem like anyone on either side agrees with the media’s “climate hysteria” narrative...

Aug 06 09:06

Tyson Discloses Justice Department Subpoena in Chicken-Pricing Probe

Tyson Foods Inc. and other major chicken companies said they received subpoenas from the Justice Department, signaling an expansion of a criminal investigation into allegations they colluded to prop up prices.

Aug 06 08:15

Defying U.S. Sanctions,China and Others Take OilFrom 12 Iranian Tankers

China and other countries are receiving oil shipments from a larger number of Iranian tankers than was previously known, defying sanctions imposed by the United States to choke off Tehran’s main source of income, an investigation by The New York Times has found.

Aug 06 08:10

This is it. Macro trade of the century is on.

Aug 06 08:07

Fourth Turning Economics

Aug 06 03:52

$SPY Rising Wedge About to Breakdown

Aug 05 17:52

No Matter What The Fed Does, It’s Bullish?

Aug 05 16:32

Oil Price Correction Triggers Shale Meltdown

Aug 05 13:38

India - the ideal market for short-trading

Aug 05 11:57

Black Employment at Record High: 19,481,000

Aug 05 10:49

China Halts Purchases of US Agricultural Products, Mulls Retroactive Tariffs - Commerce Ministry

Earlier, US media reported that Beijing had quietly asked state-owned enterprises to suspend further imports of US agricultural goods amid the ongoing trade war, and President Donald Trump's recent threat to slap 10 percent tariffs on another $300 billion in Chinese imports.

Chinese companies have stopped buying agricultural products made in the US, and Beijing is considering imposing tariffs on all US farm goods purchased after August 3, China's ministry of commerce announced late Monday, according to Reuters.

The ministry's statement comes on the heels of reports by Chinese media, including Xinhua, about possible new tariffs on US agricultural goods.

Aug 05 10:44

California's Homeless Crisis Spreads To Orange County, Doubles In Two Years 

Orange County, California, like much of the state, has seen tremendous house price gains since the great recession. Over time, residents who had access to cheap credit could afford to live in the county, resulting in a significant gap between the rich and poor.

A new 149-page report from Orange County's 2019 homeless Point In Time Count published on July 30 to the Board of Supervisors, sheds more light into the expanding wealth gap that has left the county with a homelessness crisis, reported Orange County Register.

Aug 05 10:31

US Imposes New Sanctions on Russia Over March 2018 Skripal Poisoning

The White House has announced that President Trump has imposed a new round of sanctions against Russia on Friday. The sanctions are nominally about the March 2018 Skripal poisoning in Britain, which the US has already issued sanctions over.

According to spokesman Hogan Gidley, the new sanctions are being imposed because of the last round of sanctions. In the previous sanctions the US demanded Russia offer them assurances that they’d stop poisoning people.

Russia never made any such assurances, since they denied poisoning Skripal in the first place. But not admitting guilt and offering the US promises, the US felt the need to impose another round of sanctions, which are probably going to set the stage for more future sanctions for the same reason.

Aug 05 10:12

New Tariffs, Stocks Plunge, Manufacturing Falls Again And More Layoffs – But Everything Is “Fine”?

Things are starting to go downhill rather quickly now. A day after the Federal Reserve cut interest rates for the first time in more than a decade, we received a whole bunch more bad economic news. Most Americans don’t realize it yet, but our economy is in serious trouble. We haven’t seen anything like this since the last recession, but most people seem to think that since stock prices are still very high that everything must be fine. No, everything is definitely not “fine”, and as I noted yesterday, a lot of prominent names are loudly sounding the alarm. Many analysts are expecting things to really start breaking loose as we get deeper into the second half of this year, and what we witnessed on Thursday certainly didn’t make the outlook any brighter.

President Trump completely shocked Wall Street when he announced that yet another round of tariffs will be imposed upon Chinese goods. According to CNBC, these new tariffs will go into effect on September 1st…

Aug 05 09:55

10 Alarming Things About The Economy That Politicians Won't Tell You

The 2020 election season is getting into full swing. Politicians on all sides are ramping up their rhetoric, including their promises, forecasts and accusations.

But it’s fascinating what you can find out if you just read official documents. Especially some of the fine print.

And here are 10 remarkable forecasts and assumptions that Washington is making and isn’t telling you. These are all contained in the Congressional Budget Office’s most recent Long-Term Budget Outlook, the cornerstone document of government financial and economic planning.

Aug 05 09:43

Currency war headlines everywhere

Aug 05 09:39

DC Fritters Away $12 Billion A Week. Ask them, why?

The title of this article claims the criminal class in Washington DC is frittering away $12 billion a week. That is easily defended. In fact there are other government actions which allow the theft of tens of trillions of dollars.

My goal is to provoke the public into demanding that politicians begin to discuss the $12 billion a week that the House, the Senate and the President spend each week on interest for the public debt. I claim that this is theft by license. The United States could have kept President Lincoln’s Greenbacks in circulation. They did not bear interest. They were not created as the result of a loan. Under the Federal Reserve System, the Bankers gave themselves the right to charge us interest on money they created out of nothing. This was designed to transfer all money over time from us to them.

Aug 05 09:23

Everybody's Missing the Biggest Story in Washington -- Our Debt Nightmare

A lot of the noise coming out of Washington and the media really doesn't matter. What does matter is the size of the mounting federal debt -- over $22 trillion. And on top of that are the obligations to baby boomers for Social Security, Medicare and Medicaid - $60 trillion.

Nobody seems to care about it, but it's a mathematical nightmare for our country over the next generation. We are borrowing at an ever-increasing rate, and at some point, the lenders will say, "No more." And when you look at the developed economies -- the countries that have money -- you'll see that they're all in bad shape, too.

Webmaster's Commentary: 

The blame is being put on Social Security and medicare, but the problem is really based on a banking system that by design, produces more debt than money with which to pay that debt.

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