ECONOMY | WHAT REALLY HAPPENED

ECONOMY

Jun 18 21:51

Audit Committee: Greece’s Debt ‘Illegal, Illegitimate and Odious’

The debt imposed on Greece and its residents by creditors directly infringes the human rights of Greeks and is “illegal, illegitimate and odious,” according to the preliminary report issued on Wednesday by the Audit Committee on Public Debt.

Jun 18 21:06

Deposit withdrawals surge at Greek banks as debt noose tightens

The 2 billion euros taken out between Monday and Wednesday represent about 1.5 percent of total household and corporate deposits of 133.6 billion euros held by Greek banks as of end-April. Prior to this week, withdrawals had been running at 200-300 million euros a day.

Jun 18 21:04

Greek banks could be shut within days as citizens rush to withdraw money: Two billion euros taken out in three days as fears grow country will leave eurozone

Greek banks could be unable to open next week as the country’s citizens rush to withdraw cash, European Central Bank officials said last night.

Worried Greeks took out around 2billion euros (£1.4billion) from accounts between Monday and Wednesday, amid fears that the country will soon have to leave the eurozone.

Yesterday’s warning is likely to accelerate the process – leading to a run on the banks this morning.

Jun 18 18:11

Swelling State Debt and “Pension Tidal Wave” May Engulf Economy

Corrupt money management, socialism and Wall Street gambling have us all in a heap of trouble.

Over time, elected officials came to promise workers politically popular new benefits without setting aside the money to pay for them, declared “holidays” from contributions into pension systems and changed their own accounting systems midstream to make the systems seem better funded

Read more at SHTFplan.com

Jun 18 17:58

Major Investors Prepare for Stocks to Plummet

Jun 18 17:48

Top Economist Predicts Crash After October

Jun 18 17:03

Rate cut done deal, experts say

A second interest rate cut by the Reserve Bank next month is now a done deal, economists believe, and a third is increasingly on the cards before the year is out, after the economy recorded its weakest quarterly growth for two years.

Gross domestic product grew 0.2 per cent in the March quarter, when the market consensus and central bank expected 0.6 per cent. Annual average growth slowed to 3.2 per cent from 3.3 per cent in December.

With population growth running strong, underpinned by net immigration, aggregate measures of GDP paint a more flattering picture than per capita ones. Output per capita shrank 0.4 per cent in the March quarter and grew 1.5 per cent on an annual average basis, steady on its pace during the three previous years.

Read also:
• Deficit up to $8.6b and dairy slip yet to hit
• Why Janet Yellen sounds more like a hawk

Jun 18 15:26

JS Kim: Unsound Money is the Root of All Evil

Jun 18 15:20

Wall Street’s legal offensive

Recent months have seen a series of court rulings reversing penalties imposed on Wall Street in the aftermath of the 2008 financial crash and eviscerating previously existing financial regulations.

On April 3, a US appeals court upheld a December ruling overturning the conviction of two hedge fund executives on insider trading charges. The ruling laid down a novel and narrow definition of insider trading intended to make it virtually impossible to obtain convictions against people who use inside information to rig markets for their own gain.

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Jun 18 14:43

The Fed is Now Officially in VERY Serious Trouble

In the simplest of terms, for the Fed not to be raising rates is not interesting. What IS interesting is WHY the Fed is not raising rates.

Of course there are many reasons why: the economy is not strong enough to handle it, the Fed missed its chance to raise rates in 2011-2012, etc.

However, there is only one REAL reason why rates remain so low:

Actually it’s $555 trillion reason: and they are derivatives based on interest rates.

Jun 18 14:36

WSJ: World's most expensive cities

Jun 18 14:30

US Prepared to 'Increase Costs' on Russia With Further Sanctions

Director of the US Treasury’s Office of Foreign Assets Control John Smith says that the United States is prepared to heighten economic pressure on Russia if conditions in Ukraine continue to deteriorate.

Webmaster's Commentary: 

The Russian sanctions have caused more harm to Europe, South America, Canada, and the US, than to Russia, so by all MEANS let us do more of the same thing!!!!!

Jun 18 14:20

Tsipras to meet Putin over bailout loan as fears of Greek exit from EU mount

Alexis Tsipras will travel to Russia again on Friday to meet Vladimir Putin as questions swirl over whether Moscow could extend credit lines to bail out the Greek prime minister’s embattled economy.

Jun 18 12:44

Detroit’s “water affordability” plan guarantees profits to wealthy bondholders

Detroit officials have resumed their brutal policy of shutting water off to the city’s poorest and most vulnerable residents. At least 1,000 households have been shut off as of May 26 with at least 25,000 residences—or one in three city households–being targeted for possible shutoff this summer. This is in addition to more than 33,000 households that had water service terminated during the 2014 Detroit bankruptcy.

Jun 18 12:42

Starvation Is The Price Greeks Will Pay For Remaining In The EU

Syriza, the new Greek government that intended to rescue Greece from austerity, has come a cropper. The government relied on the good will of its EU “partners,” only to find that its “partners” had no good will. The Greek government did not understand that the only concern was the bottom line, or profits, of those who held the Greek debt.

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Jun 18 12:09

The Economic Depression In Greece Deepens As Tsipras Prepares To Deliver ‘The Great No’

As Greece plunges even deeper into economic chaos, Greek Prime Minister Alexis Tsipras says that his government is prepared to respond to the demands of the EU and the IMF with “the great no” and that his party will accept responsibility for whatever consequences follow. Despite years of intervention from the rest of Europe, Greece is a bigger economic mess today than ever.

Jun 18 11:13

About That Surge In Building Permits

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Jun 18 10:30

House approves fast-track 218-208, sending bill to Senate

The House on Thursday took the first step toward resuscitating the White House’s trade agenda by passing legislation granting President Obama fast-track authority.

The bill now goes to the Senate, where the White House and GOP leaders are seeking to strike a deal with pro-trade Democrats.

Webmaster's Commentary: 

While the media is being distracted with the church shooting, the House changed the rules of Congress to vote through Fast Track without needing to pass the linked TAA.

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Jun 18 10:06

How the Vatican Bank is Justifying Opening Its Books to US Tax Authorities

The Vatican bank will automatically report information about American holders of its accounts to US tax authorities under an agreement signed on Wednesday that the American ambassador to the Holy See said was a “very significant step” to combating tax evasion, reports The Guardian. You guessed it, it's Pope Francis behind it.... Under the terms of Wednesday’s agreement, the Vatican will be party to the Foreign Account Tax Compliance Act in the US, which was passed in 2010 to target non-compliance with US tax obligations.

Jun 18 09:53

ISRAEL WINS ONE BATTLE … BUT NOT THE ‘WAR’

Israel won an important victory over the Boycott, Divestment and Sanctions Movement (BDS) when a boycott on the sale of Israeli products in a supermarket chain in Sweden has been cancelled.

The national supermarket chain COOP has 655 branches across Sweden. Israel, that was worried the boycott would spread from three local stores in the city of Varberg to all branches nationwide, launched an impressive media campaign to combat it.

Webmaster's Commentary: 

Next we will see COOP back off their decision not to sell glyphosate products!

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Jun 18 09:12

Greek Parliament Calls It: Now Act On It

Several legal arguments permit a State to unilaterally repudiate its illegal, odious, and illegitimate debt. In the Greek case, such a unilateral act may be based on the following arguments: the bad faith of the creditors that pushed Greece to violate national law and international obligations related to human rights; preeminence of human rights over agreements such as those signed by previous governments with creditors or the Troika; coercion; unfair terms flagrantly violating Greek sovereignty and violating the Constitution; and finally, the right recognized in international law for a State to take countermeasures against illegal acts by its creditors , which purposefully damage its fiscal sovereignty, oblige it to assume odious, illegal and illegitimate debt, violate economic self-determination and fundamental human rights.

Jun 18 08:53

Greece's Odious Debt

Jun 18 08:27

Global Equity Index Sitting On The Precipice

Jun 18 08:20

Drip Feeding Greece Will End in Default

Dimitri Lascaris and Leo Panitch discusses Athenian proposal which rejected pension cuts but included the closing military bases in their offer, with Sharmini Peries.

Jun 18 08:06

Is a 3rd World America Inevitable?

Thousands of U.S. troops safeguard the border of South Korea. U.S. warships patrol the South China Sea to stand witness to the territorial claims of Asian allies against China.

U.S. troops move in and out of the Baltic States to signal our willingness to defend the frontiers of these tiny NATO allies.

Jun 18 07:31

The Economic Depression In Greece Deepens As Tsipras Prepares To Deliver ‘The Great No’

As Greece plunges even deeper into economic chaos, Greek Prime Minister Alexis Tsipras says that his government is prepared to respond to the demands of the EU and the IMF with “the great no” and that his party will accept responsibility for whatever consequences follow. Despite years of intervention from the rest of Europe, Greece is a bigger economic mess today than ever.

Jun 18 07:30

Fiddling While the World Burns

In the mid-to-late 1970s, the U.S. began grappling with the energy crisis as Jimmy Carter pushed investments in alternative energies and called for conservation, but then Ronald Reagan arrived on the scene. Now, the world faces a much greater crisis, says David William Pear.

Jun 18 07:25

Everyone said this the weekend before Lehman

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