ECONOMY | WHAT REALLY HAPPENED


ECONOMY

Sep 19 09:58

Trade War Amplifies: China Sets Tariffs On $60 Billion Worth Of US Goods

In retaliation for tariffs leveled on China, the Communist government has returned the favor, and set tariffs on $60 billion worth of goods imported from the United States. It only took mere hours for China to respond to the announcement that the US would place tariffs on $200 billion in Chinese goods.

If the U.S. continues to raise its tariffs, China will respond in kind, according to a report by NPR. This current ramp up in the trade war sets the stage for yet another set of tariffs and sky-high tensions between the US and China. On Monday, president Donald Trump also threatened to add levies on about $267 billion of additional imports if China retaliated.

When announcing the tariffs against China on Monday, Trump said China’s trade practices, such as forcing U.S. companies to transfer technology to Chinese firms, “plainly constitute a grave threat to the long-term health and prosperity of the United States economy.”

Sep 19 09:47

China Cuts U.S. Treasury Holdings as Trade War Intensifies

China’s holdings of U.S. Treasuries fell to a six-month low in July, just as a trade war between the world’s two largest economies began heating up.

China’s ownership of U.S. bonds, bills and notes slipped to $1.17 trillion, the lowest level since January and down from $1.18 trillion in June, according to data released by the Treasury Department on Tuesday. Japan, the largest foreign investor in Treasuries after China, increased its holdings, as did Saudi Arabia, Taiwan, Singapore and France.

The first salvos in the U.S.-China trade conflict were fired on July 6, when the Trump administration activated tariffs on $34 billion of Chinese goods, which sparked immediate in-kind retaliation from Beijing. The escalation caused the yuan to drop roughly 2 percent in July, suggesting that the Asian nation shed U.S. bonds as a way to sell dollars and support its currency, according to NatWest Markets.

Sep 19 08:48

Danske Bank CEO Quits As Money Laundering Scandal Swells To $234 Billion

Estimates of Danske Bank's staggering fraud have grown since news that the US had launched an investigation broke last week. Since then, the total amount laundered through the bank by shadowy figures in the former Soviet Union has risen to an estimated 200 billion euros - or $234 billion. For context, that's many times the roughly $17 billion that flows through Estonian banks during an average year, meaning that the money laundering perpetuated by Danske effectively transformed the Estonian banking system into a giant front for organized crime groups. And as evidence has proliferated that the bank's leadership did nothing to inhibit the financial crimes despite being confronted with evidence from internal and external sources, the bank has determined that the time has come to make a token sacrifice so that the wider institution may survive.

Webmaster's Commentary: 

Jesse James was right; the real outlaws are the bankers!

Sep 19 08:29

Protests target HSBC over shares in Israel weapons company

A wave of UK protests were held outside branches of HSBC bank over shares in an Israeli arms company accused of manufacturing internationally banned weapons.

Protestors directed their anger against the bank’s $4.7 million worth of shares in a number of Israeli arms manufactures, including Elbit system, calling on the bank to sever ties with the firms accused of abetting Israel’s crimes against Palestinians.

Elbit Systems manufactures and supplies the Israeli military with drones, which are used regularly in attacks on Palestinian civilians, especially in Gaza Strip. It was recently revealed that an Elbit Hermes 450 drone was used during a 2014 attack in which four Palestinian children were killed on a Gaza beach while playing football.

Sep 19 06:32

If Chicago can’t even fund its pensions, how is it going to fund “universal basic incomes” for the masses?

Chicago Mayor Rahm Emmanuel has just announced his plans to form a task force for instituting city-wide universal basic income. The program would see the city paying a number of Chicago families hundreds of dollars every month, with no strings attached. What could go wrong, in a city already so plagued by debt that they can’t even afford to make pension payments?

Sep 19 04:45

"Get Your Cash Out Of The Banks Now..."

Sep 19 04:38

Is This Just the Calm Before the Storm?

Sep 18 16:03

Something Is Probably Wrong...

Sep 18 14:01

How Millennials Impact the Housing Market

Sep 18 10:10

USA Market VS China Market past 6 months

Sep 18 09:59

All signs point to upside for gold

Sep 18 09:38

Hungary wants Russia's Turkish Stream pipeline to be extended into Europe – Orban

The Hungarian Prime Minister Viktor Orban has asked Russia to extend the Turkish Stream natural gas pipeline to his country and further into Europe.
Orban, who is on a visit to Moscow, broached this potential project during a meeting with Russian President Vladimir Putin on Tuesday. "It's no secret that Hungary wants the pipeline that's being built near the south of the country, to go through Hungary,” Orban said. The countries have also agreed a gas delivery service from Russia to Hungary for 2020.

Sep 18 09:29

Market Concentration Signals Need for Caution

Sep 18 08:27

Amazon, Walmart delay New Jersey bill that would ban cashless stores

New Jersey lawmakers shelved a vote on advancing a bill Thursday that would prohibit retailers from refusing to accept cash. The measure was tabled before a Senate Commerce committee hearing after the retail giants and other stakeholders expressed concerns with the bill, said State Sen. Nellie Pou (D., Passaic), who chairs the committee and is sponsoring the legislation.

Sep 18 08:09

Jack Ma Warns US-China Trade War "Could Last For 20 Years"

This is not what the market wants to hear right now.

Hours after China's Foreign Ministry said it would unveil its retaliation to the impending 10% US tariffs on $200 billion of Chinese goods "at an appropriate time" - a "measured" response that, because it wasn't "the worst scenario that some analysts had expected", helped push global markets higher, China's wealthiest - and recently retired - man warned that the US-China trade spat is far from over.

Alibaba founder - who surprised the market earlier this month when he announced his resignation as CEO - Jack Ma said that what we're seeing now is merely the beginning of a conflict for global economic dominance that could persist "for 20 years" even after the US administration that instigated it has been consigned to the history books, Bloomberg reports.

Sep 18 07:54

Bernie's "Stop Bezos Act" Doesn't Work, Here's Why!

Sep 18 06:03

China says it will levy retaliatory tariffs on September 24, simultaneously with Washington

“The US insists on increasing tariffs, which brings new uncertainty to the consultations between the two sides. It is hoped that the US will recognize the possible negative consequences of such actions and take convincing means to correct them in a timely manner,” the statement reads.

Sep 17 15:42

We're All Speculators Now

Sep 17 11:45

Asian, European Nations Seeking to Minimize Dependence on US Dollar – Kremlin

More and more countries in Asia and Europe are seeking an alternative to the US dollar as Washington has been undermining trust in what has been the world's main reserve currency over years, Kremlin spokesman Dmitry Peskov told the Rossiya 1 TV channel Sunday.

“All of a sudden, the country, which issues the US dollar, starts making steps which are shattering trust in this reserve currency. More and more countries, not only in the East but also in Europe, start mulling ways to minimize their dependence on the US dollar. They suddenly realize: A. it is possible, B. it should be done, and C. save yourself if you can, it should be done as soon as possible,” Peskov said.

Sep 17 11:42

America's Fake-Money System: Honest Work For Dishonest Pay

Over the past decade, in the wake of the 2008-09 debt crisis, the impossible has happened. The sickness of too much debt has been seemingly cured with massive dosages of even more debt. This, no doubt, is evidence that there are wonders and miracles above and beyond 24-hour home deliveries of Taco Bell via Door Dash.

Sep 17 11:02

Catherine Austin Fitts - We’ve Reached “Never Never Land” Accounting

Sep 17 10:47

40% Of Venezuela Stores Go Bust After 3,000% Minimum Wage Hike

The "dream" of socialism has once again collided with the realities of economics, after nearly 40% of stores in Venezuela have been forced to close following a mandated 3,000% increase in minimum wages by the Maduro government, according to the Miami Herald, citing the National Council of Commerce and Services of Venezuela.

Further complicating the situation are price caps on goods sold in stores - which are now selling below cost, and cannot raise prices to cover the mandatory increases in salaries.

If store owners are caught raising prices, they face fines and prison.

"We have inspections, and they force us to sell at last month’s prices," said Uzcátegui. "That takes money away from the business because of the hyperinflation, when you can’t even sell at yesterday’s prices because you lose money."

Sep 17 10:38

World’s Five Most Expensive Precious Metals

If you think gold or silver are the most expensive metals in the world because we call them “precious,” you are wrong. Here’s a list of five most valuable metals.

Sep 17 10:37

High-end fashion label Henri Bendel to shut down in 2019 after 123 years in business due to 'sluggish sales'

Upscale U.S. fashion label Henri Bendel - known in recent years for its luxury handbags and shoes - will shut down in January after 123 years in business, parent company L Brands has announced.

The Bendel website and all of the label's 23 stores in the United States, including the flagship location on New York's Fifth Avenue, will remain open through the holiday shopping season, L Brands said in a statement.

But from the start of 2019, the parent company said it will put its focus on the group's more profitable labels.

'We are committed to improving performance in the business and increasing shareholder value,' L Brands chairman and CEO Leslie Wexner said in a statement released Thursday.

Sep 17 10:06

Why The Next Crash Could Be Worse Than 2008

Sep 17 09:54

Is It A Bubble When …

Sep 17 06:59

Death of 75 million jobs worldwide: Robots and artificial intelligence will take over HALF of all tasks in the workplace by 2025, warns World Economic Forum

More than half of all tasks in the workplace tasks will be carried out by machines by 2025.

That's according to the World Economic Forum, which predicts that AI and robots will kill off 75 million jobs worldwide by 2022.

The Swiss nonprofit also claims as many as 133 million new jobs will be created by machines in that time frame.

Sep 16 17:34

Have they learnt nothing? 10 years on from crash, ex-Northern Rock and Lehman chiefs are selling bundles of subprime loans in £1bn spree

A subprime mortgage lender set up by former Northern Rock directors is to sell £500 million of controversial mortgage-backed securities in a deal that has alarming echoes of the financial crisis.

The plan by Belmont Green means it has packaged up and sold more than £1 billion of mortgages to investors looking to cash in on higher-risk home loans, The Mail on Sunday can reveal.

Sep 16 13:39

The 1% Will Own Two-Thirds of World Wealth Within the Next Decade

The media is telling us that the economy is stronger than ever. That GDP is outstanding, that middle class income is higher than ever, and that the stock market is smashing all records. Hooray! With all this so-called good news, it’s easier than ever to forget that we are witnessing the greatest transfer of wealth scheme in the history of the world.

Sep 16 12:19

No Chance Berlin Will Buy US LNG, Regardless of Trump’s Efforts – German Media

The US president has criticized European nations, specifically Germany, for continuing to buy Russian natural gas and supporting the construction of the Nord Stream-2 pipeline. Trump suggested that the EU should buy liquefied natural gas (LNG) from the US, despite it being more expensive.

Germany is unlikely to buy the LNG that Washington has offered it as an alternative to Russian gas as Berlin doesn't need it, the German business newspaper Handelsblatt wrote on September 13. The newspaper wrote that the only reason that the German chancellor would be interested in US LNG would be to appease US President Donald Trump ahead of crucial trade talks between the US and the EU.

Sep 15 12:59

Thoughts on the Canadian Market

Sep 15 11:43

EU Nations Consider Clearing House to Avoid Iran Sanctions

The big stumbling block with EU companies continuing to trade with Iran is financing. US threats to punish companies involved in such trade have scared away a lot of banks, despite EU assurances that they will protect companies.

This clearing house would aim to avoid banks, and money changing hands across borders, entirely. One European company could pay the clearing house for imported Iranian oil, and the clearing house would give that money to another EU company providing goods or services to Iran.

While the US theoretically wants to sanction all trade with Iran, particularly oil imports, they have limited options to punish a European company whose business is to buy Iranian oil, or European industrial firms with projects inside Iran.

Webmaster's Commentary: 

This attempt to deprive Iran it's oil revenue.... was never fully thought through.

So what is President Trump going to do when he realizes that the EU is not going to comply with sanctions, declare war on them?!?

Given his proclivity for preferring war over negotiations, I have to wonder.

Sep 15 10:54

MILITARY INTERVENTION IN VENEZUELA ‘ON THE TABLE,’ SAYS OAS SECRETARY GENERAL

The head of the Organization of American States (OAS), accused by Venezuelan President Nicolas Maduro of being a “CIA agent,” says military intervention against Caracas should not be ruled out as a response to the ongoing crisis.
OAS Secretary-General Luis Almagro has hinted that the bloc may consider taking military action in Venezuela if it runs out of diplomatic options in its bid to alleviate the plight of people in the crisis-stricken country.

“With regards to a military intervention aimed at overthrowing the regime of Nicolas Maduro, I think we should not exclude any option,” Almagro said on Friday.

Venezuelans have been fleeing to neighboring countries in droves due to shortages of food and water, as well as soaring inflation and unemployment at home.

Webmaster's Commentary: 

Are you flipping kidding me, that OAS Secretary-General Luis Almagro is actually floating the idea of an invasion, occupation, and regime change in Venezuela, to see how it resonates?!?

I would like to hope that the OAS is not pig-headedly stupid as to attempt this; even with Venezuela's current economic woes, I would not bet that the Venezuelan people will "welcome these troops as saviors", throwing roses at their feet.

Sep 15 10:39

Why is Europe still funding occupation profiteer Ahava?

The European Union has broken its commitment to cease funding firms based in Israel’s illegal settlements.

Five years ago, the EU issued a policy paper stating that Israeli companies were not eligible to draw down subsidies if they had been set up in the occupied West Bank.

One such company, the cosmetics maker Ahava, has nonetheless managed to participate in Horizon 2020, the Union’s latest program for scientific research. It is benefitting from a $4.5 million EU-funded scheme on using nanotechnology to develop new skin care products.

Ahava is headquartered in the settlement of Mitzpe Shalem. Like all Israel’s settlements in the West Bank, Mitzpe Shalem has been constructed in violation of the Fourth Geneva Convention.

There can be no doubt that Ahava is based there.

Sep 15 10:28

Central Banks Have Gone Rogue, Putting Us All at Risk

Central bankers are now aggressively playing the stock market. To say they are buying up the planet may be an exaggeration, but they could. They can create money at will, and they have declared their “independence” from government. They have become rogue players in a game of their own.

Excluding institutions such as Blackrock and Vanguard, which are composed of multiple investors, the largest single players in global equity markets are now thought to be central banks themselves. An estimated 30 to 40 central banks are invested in the stock market, either directly or through their investment vehicles (sovereign wealth funds). According to David Haggith on Zero Hedge:

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