ECONOMY | WHAT REALLY HAPPENED


ECONOMY

Jun 07 12:28

The Fed, QE, & Why Rates Are Going To Zero

Jun 07 12:26

IBM to cut 1,700 jobs…

Jun 07 11:30

How I Use StockCharts

Jun 07 11:30

Oil Just Had Its Worst Run Since 2008

Jun 07 08:51

Gold Jumps To $1,345 Per Ounce As U.S. Only Created 75K Jobs In May – Weekly Gain Now 3%

Gold Is 3% Higher This Week As Dollar, U.S. and Global Economy Weaken

Jun 07 08:49

Putin states crisis of world economic relations

Russian President Vladimir Putin believes that the current model of world economic relations is in crisis, although the global economy has been growing in recent years.

"Formally, the recent growth of the global economy is marked by positive values: in 2011-2018, the annual growth averaged 2.8%, in recent years it was slightly more than 3%. But, in our opinion, the leaders of states, we all need to frankly admit: despite this growth, the existing model of international economic relations, unfortunately, is still in crisis," the head of state said at the plenary session of the St. Petersburg International Economic Forum (SPIEF).

Jun 07 08:46

US attempt to push Huawei from global market is the first sign of looming tech war - Putin

Russian President Vladimir Putin said US efforts to push Chinese tech giant Huawei out of the global market might be a sign that a new technological war is coming.

“Take the situation around the company Huawei, for example. There are attempts not even to challenge it, but to brazenly force it out of the global market,” Putin told the audience at the St. Petersburg International Economic Forum on Friday. “In some circles it is even called the first technological war of the coming digital era.”

Jun 07 08:20

Danish Stand on Nord Stream 2 Contradicts European Laws - Schroeder

Denmark puts at risk timely completion of the Nord Stream 2 pipeline for delivering Russian gas to Europe, and Danish policy contradicts European laws, Gerhard Schroeder, the former German chancellor and the head of Nord Stream 2 operator's board of directors, said on Friday.

"Nord Stream 2 could be put into operation in the end of the year already in order to ensure safe deliveries of natural gas to Europe. However, there is a problem. For many months already, Danish policy has been putting at risk timely completion of the project", Schroeder said at a business breakfast dedicated to Nord Stream 2, held at the St. Petersburg International Economic Forum (SPIEF).

Jun 07 08:08

UKRAINE'S NEW PRESIDENT COMMITS TO EU, NATO MEMBERSHIP

SOURCE: DW
Ukrainian President Volodymyr Zelenskiy intends to keep Ukraine "on the path of European and Euro-Atlantic integration." He also said he is ready to negotiate with Russia to end the war in Eastern Ukraine.

'Ukraine's strategic course remains unchanged'

During his visit to Brussels on Tuesday, newly elected Ukrainian President Volodymyr Zelenskiy said his country still aspires to being a member of both the European Union and the NATO military alliance and that he is open to peace talks with Russia.

European Commission President Jean-Claude Juncker and NATO Secretary-General Jens Stoltenberg had been waiting to hear the foreign policy aims of the former comedian, who was sworn in as Ukraine's president last month.

What Zelenskiy said:

His government intends to keep Ukraine "on its strategic course ... to achieve fully-fledged membership in the EU and NATO." Membership of both entities "is the priority of our foreign policy."

Webmaster's Commentary: 

Zelenskiy understands that he is walking a geopolitical tightrope, very much without a net, because his reaching out to Russia may cause NATO to spurn his desire to join it.

But IF he can work on these two objectives together, and better the lives of working Ukrainians, he will become a hero to his people; I, for one, hope that he can achieve this, and get rid of the wretched corruption, instigated and encouraged, by his predecessor, President Poroshenko (President Obama's and Victoria Nuland's "golden boy"), so that the nation can become functional again.

My fingers are crossed for this guy, that he is able to do what his country wants him to do, by "hiring" him as their President through the electoral process.

Jun 07 08:02

Brace for Impact: Italy Poised to Launch Euro Parallel Currency

A euro crisis has been brewing for years.

Eurozone officials and the ECB have long held the upper hand vs individual countries like Greece and Portugal.

However, Italy now has the upper hand, if it chooses to wage war.

Jun 07 08:02

EU representatives approve decision to prolong sanctions against Russia over Crimea

Permanent representatives of EU member states have approved the prolongations of sanctions against Moscow over Crimea’s reunification with Russia, Bloomberg reported Wednesday, citing its sources.

If the decision is finally approved by the EU, the sanctions will be effective till June 23, 2020. The sanctions were initially imposed on Russia in 2014.

Jun 07 08:00

U.S. Agriculture Secretary Perdue anxious that tariffs may interfere with ratification of USMCA

U.S. Agriculture Secretary Sonny Perdue said on Wednesday he is hopeful that the United States and Mexico can reach an accord to avoid U.S. tariffs being applied on Mexican goods over immigration.

In an interview with Bloomberg, he said he is concerned and anxious over the fact that tariffs may interfere with ratification of the United States-Mexico-Canada Agreement for trade.

Jun 07 07:04

Russia to double global food exports, ready to replace US agricultural products in China

Russian agricultural exports will continue to grow and are expected to reach $45 billion within the next five years, according to Agriculture Minister Dmitry Patrushev.

He told reporters at the St. Petersburg International Economic Forum (SPIEF): “I think we will achieve all of our goals.”

Boosting sales of agricultural products abroad is currently one of Russia’s top-priority tasks. Patrushev said that this year’s agricultural exports won’t be less than in 2018 when they reached almost $25 billion.

Jun 06 17:31

Video: Survival Lessons from the Homeless

Jun 06 16:34

ADP, Mtg purchase apps, Vehicle sales

Jun 06 16:16

Video: Booming US economy is fake news

Jun 06 13:25

Is the Tech Bubble Bursting?

Jun 06 13:18

Factory orders, Fed comments, Lumber prices

Jun 06 12:33

The Trade War Is About To Become An Economic World War III

The public enthusiasm for the trade war by elites within the Trump Administration cabinet, including Rothschild banking agent Wilber Ross, Council On Foreign Relations member Robert E. Lighthizer, Goldman Sachs member Steve Mnuchin, and Bilderberg attendee Mike Pompeo showcases a desire based on globalization to perpetuate an escalation in tensions.

Whether or not you agree with the rationalizations behind the trade war, the point is, the only people who will ultimately benefit from it are those striving for globalization.

Webmaster's Commentary: 

It is of grave concern to me, that this trade war could well devolve into a shooting war.

There's an archetypal dream, which Mike and I have, frequently; it's that one where you can see two trains, getting closer and closer together,ever more quickly, one on the wrong track, but you cannot communicate with either train's engineer to warn them, and there is a spectacular, horrific crash.

The US is headed for just such a confrontation, and very quickly; the possible "opponents" in this war, will most likely be China; Russia; Iran; North Korea, and Syria.

Look for rationing of food and materials at that point; and the possible suspension of the Constitution and the Bill of Rights, followed by a declaration of Martial Law.

After that happens, look for a reinstitution of a draft, both for our young men, and our young women.

Some may laugh at my predictions; but in looking at the state of geopolitics around the world, I am seeing all the pieces starting to come into place, which is utterly terrifying, particularly if you are a pacifist, who knows that this country is absolutely going down the wrong path, with these horrific wars.

Jun 06 12:25

Huawei Slashing "As Much As 30%" Of Orders To Key Suppliers Amidst US Product Ban

Huawei is reportedly reducing or cancelling orders to major suppliers for components that go into its smartphones and telecom equipment, following the blacklisting of its products in the U.S., according to Nikkei.

The cuts could total as much as 30% of orders and are likely a continuing sign that the U.S. crackdown on the company is hitting it where it hurts: its production and financials.

This puts Huawei at risk of losing its leading market share, as the industry approaches 5G wireless going mainstream. And the company's main competitors, Ericsson and Nokia, are likely licking their chops in close pursuit of the company's top spot.

Taiwan Semiconductor confirmed that orders from Huawei have declined since it was hit with the U.S. ban. TSMC Chairman Mark Liu said: "For us, we do see demand from Huawei decreasing but we could not tell what's the reason behind this."

Jun 06 12:16

"It's Hard To Be Optimistic" - Homeless Population Jumps In L.A. County To Nearly 59,000

A dramatic rise in homelessness has been reported in Los Angeles County -- up 12% in 2018 to over 59,000 -- is certainly an odd trend developing given "the greatest economy ever" and booming West Coast economies.

The epicenter of the homeless problem is in the city of Los Angeles, which saw a 16% jump to 36,300, the Los Angeles Homeless Services Authority (LHSA) said.

Webmaster's Commentary: 

These numbers to not auger well for "economic growth" in California and beyond.

Jun 06 12:13

Heavy Duty Truck Orders Collapse To Worst Numbers Since July 2016, Down 70% In May

Preliminary North America Class 8 net order data from ACT Research shows that the industry booked just 10,800 units in May, down 27% sequentially, but also lower by an astonishing 70% year-over-year. YTD orders are down 64% compared to the first five months of 2018.

This chart shows the stunning difference between 2018 orders (black bars) and 2019 orders (red bars).

Webmaster's Commentary: 

This, and other rather ominous economic signals, do note bode well for the economy for the rest of this year.

Jun 06 12:11

Cummings' Wife Funneled Money From Charity To For-Profit Company, Financials Reveal

The wife of House Oversight Chairman Elijah Cummings funneled hundreds of thousands of dollars from her charity into her for-profit organization, potentially deriving an "illegal private benefit" for the Washington power couple, reports the Daily Caller's Andrew Kerr.

The previously undisclosed cost-sharing arrangement between the two entities controlled by Maya Rockeymoore Cummings was detailed in audited statements obtained by Kerr.

Maya Rockeymoore Cummings’s charity, the Center for Global Policy Solutions (CGPS), paid her for-profit venture, Global Policy Solutions LLC, over $250,000 in “management fees” between 2013 and 2015, according to the charity’s audited financial statements covering those years. The management fees were paid in addition to a cost-sharing agreement where the charity pays for its share of equipment, personnel and other expenditures. -Daily Caller

Webmaster's Commentary: 

It will be interesting, if this comes to trial, to see how many of the allegations will actually"stick"; and, of course, the truly monied...rarely eat their own.

Jun 06 12:06

BIS – The Central Bank of Central Banks

Jun 06 11:47

A Third Brazilian Mine Tailings Dam Disaster Is About to Occur. The Dangers of Experimental Copper Mining in Minnesota

I plead with the readers of this column to click on the following links and read about the Vale Mining Corporation’s warning of an impending dissolution of yet another Brazilian mine tailings dam. Here is the link to the developing story.

The most important part of the report is the accompanying video which should be required viewing for every Minnesotan, every politician and every lover of drinkable water, the St Louis River, Lake Superior, the Boundary Waters Canoe Area Wilderness (BWCAW) and Canada’s Quetico Provincial Park.

In the 3½ minute video, BBC journalist David Shukman does a powerful job of telling the story about the inherent dangers of tailings lagoon dams (whether old or new) and their often-unpredictable dissolutions and massive release of poisonous chemicals into the watershed and river communities downstream.

Watch the terrifying video of the actual collapse of the 2019 disaster below

Webmaster's Commentary: 

When top of the line inspection and safety protocols are ignored, people - and the earth itself - pay the price.

Jun 06 11:41

3-Steps To Holistic Financial Wellness

Jun 06 11:40

Tulsi Gabbard Pushes No War Agenda – and the Media Is Out to Kill Her Chances

The most interesting candidate is undoubtedly Congresswoman Tulsi Gabbard, who is a fourth term Congresswoman from Hawaii, where she was born and raised. She is also the real deal on national security, having been-there and done-it through service as an officer with the Hawaiian National Guard on a combat deployment in Iraq. Though in Congress full time, she still performs her Guard duty.

Tulsi’s own military experience notwithstanding, she gives every indication of being honestly anti-war. In the speech announcing her candidacy she pledged “focus on the issue of war and peace” to “end the regime-change wars that have taken far too many lives and undermined our security by strengthening terrorist groups like Al-Qaeda.” She referred to the danger posed by blundering into a possible nuclear war and indicated her dismay over what appears to be a re-emergence of the Cold War.

Webmaster's Commentary: 

I think that I would be more willing to trust her with this country's futures than the other candidates who have announced their run, because, as a Vet, she has seen combat, and will do her level best to make sure geopolitical situations are handled respectfully, and morally; unfortunately, the US's military industrial complex will most probably have her gone, by the time the primaries are half over.

Jun 06 11:34

Iraq Daily Roundup: Turks Fire on Civilians in North; Eight Killed Across Iraq

At least eight were killed, and five were wounded in recent violence:

Relatives of a young man shot to death at his farm in Rabango, abutting the Turkish border, say that the shots were fired across the border by Turkish security forces. The man traveled with two friends to the farmland that the three of them own, when they came under fire. They may have been mistaken for smugglers or Kurdish guerrillas.

In Mergarash, three people were injured when Turkish jets bombed their farm. The victims are two brothers and their cousin. The trio also belong to the Peshmerga security forces, but that does not appear to be a factor in this attack.

Militants wounded two soldiers during an attack in Buhriz.

Webmaster's Commentary: 

I am looking at this, and shaking my head, at this insanity.

What the hell does Erdogan think he is going to get out of these battles against primarily innocent, non-combatant, more land to claim belonging to Turkey?!?

Someone needs to get to this guy, and in short order, explain the word "Optics"; and right now, the optics of this Turkish war against Iraq, are looking officially horrible.

Jun 06 11:29

Can Tesla Hold The Line?

Jun 06 11:26

US Seeks to Ensure Rare Earth Supplies From Africa in Shift Away From China – Reports

The development comes amid reports that Chinese authorities may move to restrict rare earths sales to the United States in retaliation for Washington’s increased tariffs on Chinese goods.

The Pentagon has engaged in talks with several rare earth miners around the world, including Malawi’s Mkango Resources Ltd and Burundi’s Rainbow Rare Earth Ltd, as part of plans to reduce reliance on Chinese supplies of crucial minerals, a department official was cited as saying by Reuters.

“We are looking for any source of supply outside China. We want diversity. We don’t want a single-source producer”, said Jason Nie, a material engineer with the Pentagon’s Defense Logistics Agency (DLA), on the margins of the Argus US Specialty Metals conference in Chicago.

Jun 06 11:03

IBM accused of pumping staff retirement funds into a tanking stock... IBM's to be exact

The US Supreme Court has agreed to hear a case between IBM and employees who have accused the enterprise computing giant of mishandling their retirement fund.

The top court in the nation will decide whether to uphold a lower appeals court decision (PDF) from February that ordered a trial in the class-action legal battle, brought about on behalf of staff enrolled in the IBM Employee Stock Option Plan (ESOP). Their lawsuit accuses Big Blue and its retirement plans committee of violating the US Employee Retirement Income Security Act by keeping their money invested in the IT giant's stock despite knowing the share price was overvalued and set to take a hit.

Jun 06 10:53

Trump threatens to expand tariffs on China by another $300 billion

US President Donald Trump has warned Beijing that he may hit Chinese goods with another $300 billion in tariffs if necessary, but added that he still hopes for a deal. The levies would target China's remaining exports to the US.

"Our talks with China, a lot of interesting things are happening. We'll see what happens... I could go up another at least $300 billion and I'll do that at the right time," Trump told reporters on Thursday, as cited by Reuters. The president did not elaborate on what goods could be targeted by the hikes.

However, Trump says he thinks that China and another country embroiled in a trade row with Washington, Mexico, wants to make a deal. Earlier, Trump threatened to impose a five-percent duty on all Mexican goods starting next week.

"I think China wants to make a deal and I think Mexico wants to make a deal badly," he said before boarding Air Force One on his way to France for D-Day commemorations.

Jun 06 10:39

Bond Yields are Inverted

Jun 06 10:27

More Signs The Red Ponzi Is Coming Undone

Jun 06 10:04

Russia, China Prepare To Dump Dollar, Agree To Bilateral Trade In National Currencies

Just one month after conducting joint military exercises, Russia and China are set to sign an agreement which would boost the use of their national currencies in bilateral and international trade in an attempt to mmove away from the current dollar-denominated financial system, according to Russian state-owned news outlet TASS.

It is planned that Russia and China will be developing bilateral payments in national currencies, encourage and expand the use of national currencies, particularly through promotion of their use when signing international trade contracts. According to the draft agreement, the sides will also assume required measures to lift barriers for payments in national currencies. –TASS

Jun 06 10:01

Why Deflation Will Defeat the Fed

Jun 06 09:00

ETFs Are Not Suitable for Most Investors

Jun 06 07:42

BALTIMORE CITY CRYPTOCURRENCY RANSOMWARE ATTACK WILL COST AT LEAST $18 MILLION 

SOURCE: ZEROHEDGE
Baltimore has been struggling with an aggressive cyber-attack over the last five weeks, previously profiled here, it has now been revealed the attack will cost the city $18.2 million, reported WBAL-TV 11.

The cost estimates were disclosed at a recent City Council budget hearing: city officials have already paid $4.6 million for recovery efforts since the ransomware was discovered May 7 and could spend an additional $5.4 million in 2H19. The remaining $8.2 million is from the loss or delayed revenue and loss of interest and penalty income.

Henry Raymond, #Baltimore Financial Dir., says the #ransomware attack will not affect the city’s tax bills, which will will go out on time in July - says it’s costing $18 million @wbalradio pic.twitter.com/NYlYBHTkCg

— Phil Yacuboski (@WBALPhil) June 4, 2019
As of Tuesday, 35% of city employees had their email accounts restored, with the possibility of a full system restore by the end of the week.

Webmaster's Commentary: 

Keith Alexander and the NSA, a word here; yes, we know that you informed the City of Baltimore a couple of years ago, that if they didn't protect their computers, something like this was going to happen.

And yes, Baltimore did NOT put it's "cyber house in order" after that warning, which lead to the current crisis.

But that being said, do you understand how bad the optics look for the NSA here?!? And guys, just in case you don't quite get it, the optics on this are officially horrible.

Just as a gesture of good will, can you not dedicate some resources to this, which can possibly result in the happiest of endings, under horrific circumstances?!?

Just think how this might happen, making the NSA look like bunch of superheroes,where the headlines around the world, would read: "NSA SAVES BALTIMORE!!"

And of course, a parade in your collective honor. :-)

I'm just saying; this could be made to become a pr miracle for this group, if you were willing to just give Baltimore some help on this.

Jun 06 06:53

CITIZENS DISOBEY NEW ZEALAND GUN BAN, ONLY 530 OF 300,000 PEOPLE TURNED GUNS IN

SOURCE: MATT AGORIST @ THE FREE THOUGHT PROJECT

(Support Free Thought) - In March, New Zealand Prime Minister Jacinda Ardern announced the “first tranche” in a number of moves to restrict the rights of New Zealand citizens to protect themselves with firearms. This move was in direct response to the horrific murders that unfolded on March 15. Coincidentally, this is the exact move the terrorist who carried out these attacks had hoped for and predicted. The good news is, however, that most citizens are refusing to turn in their guns.

The terrorist who murdered 50 people earlier this year was engaging in a classic propaganda of the deed in which he predicted—accurately—that his murder would spark the restriction of gun rights. Lawmakers took his bait.

Webmaster's Commentary: 

Thanks, Prime Minister Ardern; you did precisely what this assassin wanted you to do, well done!!

Your country will not be made safer; in fact, anyone thinking about doing such an horrific crime in New Zealand, understands that they have a population which is becoming disarmed, so they think that they can do another massacre like this, with impunity.

I would like to politely suggest, that someone with a Concealed Carry Permit, could have put this person down, with extreme prejudice, before this horrific event happened.

Oh, and BTW: was this kid either just starting, or trying to get off of, antidepressants?

Governments, globally, do not want to give people this information, because it may "scare them off" from taking such medications.

And we know what a marvelous contributors pharmaceutical companies are to political campaigns, right?!?

Jun 06 06:44

FRENCH WEAPONS SALES TO SAUDI JUMPED 50% LAST YEAR

SOURCE: MIDDLE EAST MONITOR
France’s weapons sales to Saudi Arabia rose 50 per cent in 2018 despite the government calling for an end to the “dirty war” in Yemen, figures released on Tuesday showed, Reuters reports.
An annual government report showed that total arms sales rose 30 per cent to 9.1 billion euros in 2018, driven by a sharp increase in sales to European allies.

France sold about 1 billion euros worth of arms to Saudi Arabia, with the main item being patrol boats. A partial naval blockade of ports controlled by the Houthi movement is one of the tactics used by a Saudi-led coalition in Yemen that has been criticised by campaigners for worsening a humanitarian crisis.

Webmaster's Commentary: 

French arms manufacturers understand, completely, as to how their weaponry is going to to be used, in Saudi Arabia's genocide in Yemen.

And just in case, those weapons manufacturers are suffering from an intense case of SMD (selective memory disorder) I will take a moment, to insure that they know just what their patrol boats are used against a starving population, because Yemeni ports are blockaded, so no food, or aid, can get in to the country: (warning: this is a set of "lose your lunch" images, as to what malnutrition has cost the families, and children, because food cannot get in, courtesy of US and Saudi blockades:

Images: Yemeni children starving to death, through malnutrition

I cannot believe that the architects of the French Revolution, believed for one minute, that this was going to be the outcome of a movement which preached "Libertie... Egalite... Fraternite" (Liberty/Equality/Brother and Sisterhood."

And somewhere in France, that huge thumpa-thumpa-thumpa noise you are hearing, at warp speed, is the Marquis de Lafayette, the French guy who aided the American revolution, turning over in his grave, protesting the evil the country of his birth, has become, in the 21st century.

Jun 05 15:10

Goodbye Middle Class…

Jun 05 14:25

China's Huawei signs deal to develop 5G in Russia

China's Huawei, considered a security threat in the US, on Wednesday signed a deal with Russian telecoms company MTS to develop a 5G network in the country over the next year,

The agreement was signed on the sidelines of a meeting between Chinese leader Xi Jinping and Russian President Vladimir Putin in Moscow.

The deal will see "the development of 5G technologies and the pilot launch of fifth generation networks in 2019-2020", MTS said in a statement.

Jun 05 11:30

"My Bank In Denmark Just Offered Me A Negative Rate Of Interest To Borrow Money"

Authored by Alex Moneton via SovereignMan.com,

Yesterday I called my bank in Denmark, Nordea, and couldn’t believe what they told me...

They offered to lend me money at MINUS 0.12% for a ten-year mortgage.

In other words, the bank would PAY ME to take out a loan.

Of course, as a Sovereign Man editor, I’ve written a lot about negative interest rates. But most of these cases were always reserved for big banks or institutions.

That no longer seems to be the case…

Now, negative interest rates ARE the norm. Thousands, if not tens of thousands of Danes will go out and take out mortgages that will pay themevery month.

This is completely mind-boggling to me. But it just highlights how broken the financial system really is.

Webmaster's Commentary: 

Absoflippinglutely unbelievable.

Jun 05 11:28

Russia, China Prepare To Dump Dollar, Agree To Bilateral Trade In National Currencies

Just one month after conducting joint military exercises, Russia and China are set to sign an agreement which would boost the use of their national currencies in bilateral and international trade in an attempt to mmove away from the current dollar-denominated financial system, according to Russian state-owned news outlet TASS.

It is planned that Russia and China will be developing bilateral payments in national currencies, encourage and expand the use of national currencies, particularly through promotion of their use when signing international trade contracts. According to the draft agreement, the sides will also assume required measures to lift barriers for payments in national currencies. -TASS

Webmaster's Commentary: 

Thinking people, had to see this coming.

Jun 05 11:24

A Nuclear War Has No Victor! U.S. Military Preparation is Underway

On the international level, the U.S. government plays an even more dreadful role. According to the current U.S. foreign policy; China, Russia, North Korea, Venezuela, Iran and the major European countries are considered as adversary regimes that needs to be dealt with in one way or another. Both Democrats and Republicans believe that a major war gives them a chance to rally their national and international forces. Both parties see a major military conflict as a catalyzing factor to tilt the power for a fundamental change in their benefit. President Trump plays a unique role in flaming the trade and military wars. Since 2016, Mr. Trump’s contradictory positions on many issues have discredited his Administration and the role of the U.S. in the world.

Jun 05 10:09

Stunned audience gasps as Apple unveils a $1,000 STAND for new $5,000 Mac Pro monitor and displays it like a 'piece of art' as customers mock the tech giant

Apple is now offering a monitor stand that costs more than many users' high-end smart phones.

In a high profile Developer's Conference this week, Apple unveiled a round of new products that include a highly anticipated new computer, the Mac Pro, and a corresponding monitor for $6,000 and $5,000 respectively.

While an $11,000 price tag would be enough to make many customers balk, neither the computer nor the monitor bore the brunt of people's backlash.

Instead, that ire was directed toward what is now being referred to across social media as simply, 'the stand' -- a harness for Apple's $5,000 monitor that costs an eye-watering $1,000.

Jun 05 10:08

More safety concerns for Boeing as FAA says its 'Dreamliner' planes could lose braking and steering function - taking nearly 100 of the 787 jets out of the air for $5million repairs

Boeing has been hit by new safety concerns affecting two further plane models and requiring million of dollars worth of repairs.

It is just two days since the Federal Aviation Administration announced a new problem with the company's 300 grounded 737 MAX jets.

Now, DailyMail.com can disclose, the beleaguered air giant has been handed new Airworthiness Directives by regulators who have identified safety flaws in Boeing's 787 jets - the company's so-called Dreamliner.

According to the FAA the tires/wheels of the recently launched 787-9 and 787-8 'could be susceptible to damage, which could result in a loss of braking on one main landing gear truck, loss of nose wheel steering and loss of directional control on the ground when below rudder effectiveness speed.'

Jun 05 10:04

'We are not a monopoly!' Apple CEO Tim Cook fights back as major US tech companies struggle to recover from FTC antitrust probe announcement which tanked share prices

Apple CEO Tim Cook denied his company was a monopoly on Tuesday after it was revealed that a Federal Trade Commission investigation was in the works into his company and others which critics say have too much power.

In an interview with CBS, Cook said Apple did not control a majority in any market and that while he welcomes scrutiny, he disagrees with the suggestion that he should split up parts of the business.

It came a day after stocks plummeted on Monday after reports emerged that the FTC was leading an antitrust investigation into Facebook Inc and its practices.

Jun 05 09:51

Venezuela Defaults On $750 Million Gold-Backed Swap With Deutsche Bank

Somewhere Hugo Chavez, who several years ago successfully repatriated much of Venezuela's gold, is spinning in his grave.

It started in March, when Venezuela's embattled leader Nicolas Maduro defaulted on a $1.1 billion gold-backed loan with Citi, in the process losing several tons of gold placed as collateral by Venezuela’s central bank after the deadline for repurchasing them expired. Now, Bloomberg reports that Venezuela has also defaulted on a gold swap agreement valued at $750 million with Deutsche Bank, prompting the German bank to seize the precious metal which was used as collateral, and close out the contract.

Jun 05 09:50

Gold Firm At $1,340/oz After 5 Days of Gains – Fed Takes It To 3 Month High

Gold has moved marginally higher again today after 5 days of gains and remains firm near a three month high at $1,340/oz.

Gold is being supported by the dovish comments from the Fed which have lifted expectations of an interest cut. The U.S. economy is slowing and this is putting the dollar under pressure as it hit a multi-week low yesterday.

Federal Reserve Chairman Jerome Powell comments yesterday that the Fed would act “as appropriate” in the face of trade war risks is positive for gold.

The monetary backdrop is now bullish for gold and we should see further gains and gold breaking higher above its long term range between $1,050 and $1,400 per ounce.

Jun 05 09:50

Goodbye middle class: Percentage of wealth owned by top 10% just got bigger

The middle class in America is being systematically eviscerated, and it is getting worse with each passing year. As you will see below, one new study has found that 10 percent of Americans now own 70 percent of all the wealth. Once upon a time, the United States had the largest and most vibrant middle class in the history of the world, but pretty soon we are just going to have the ultra-wealthy and everyone else.

Our system has been designed to funnel as much wealth as possible to the very top of the financial pyramid, and that means that most of the rest of us are deeply struggling. And when you are just barely getting by from month to month, all it takes is one bad break to knock you completely out of the middle class and into poverty.

Jun 05 09:36

Deutsche Bank confiscates 20 tons of Venezuelan gold after default on swap agreement

Germany’s biggest lender, Deutsche Bank, has taken control of 20 tons of gold belonging to Venezuela as collateral after Caracas defaulted on a gold swap agreement valued at US$750 million.

The seizure comes as part of a deal clinched between the Bolivarian Republic and the lender as early as 2016, Bloomberg reports. Under the terms of the agreement, Venezuela received a cash loan from Deutsche Bank and put up 20 tons of gold as collateral.

The initial deal was set to expire in 2021, but was settled earlier because of missed interest payments, according to unnamed sources close the issue, as quoted by the agency.

Jun 05 09:16

Brazil's Bolsonaro formally recognizes Venezuelan opposition envoy

Brazil's right-wing President Jair Bolsonaro received the diplomatic credentials of Venezuelan opposition leader Juan Guaido's envoy to Brazil, formally recognizing her as the ambassador of the neighboring country.

Ambassador Maria Teresa Belandria had said on Friday that the Brazilian government withdrew its invitation to present her credentials at the presidential palace. But her spokeswoman told Reuters on Tuesday the government had changed its mind.

Webmaster's Commentary: 

One has to wonder as to what changed President Bolsonaro's mind on this; say, maybe a phone call from President Trump, with whom he met earlier this year?!?

President Trump meets Brazil's President, Jair Bolsonaro, at the White House

One has to wonder; what did President Trump say that turned his opinion on doing President Bolsonaro's opinion on this in the absolute opposite of his original stance?!?

Jun 05 09:08

Ukraine's new president seeks pro-Western course, peace with Russia

New Ukrainian President Volodymyr Zelenskiy said on Tuesday he was ready to negotiate with Russia to end the war in eastern Ukraine while sticking to Ukraine’s goal of one day joining the European Union and the NATO alliance.

Speaking at NATO headquarters, Zelenskiy, a former comic actor with no prior political experience who took over as president on May 20, said he would keep Ukraine “on the path of European and Euro Atlantic integration”.

“The strategic course of Ukraine to achieve fully-fledged membership in the EU and NATO ... remains unchanged,” Zelenskiy told reporters alongside NATO Secretary-General Jens Stoltenberg. “This is the priority of our foreign policy.”

Webmaster's Commentary: 

I wish the guy well, in these endeavors; but unfortunately, it will ultimately come down to the choice of accepting Russia, or accepting NATO and the west; DC will make that very clear to him, very soon, because to the minds of "Foggy Bottomites", these two positions are mutually exclusive.

Jun 05 09:05

Islamic State claims deadly attack in east Congo's Ebola zone

Islamic State claimed responsibility on Tuesday for a deadly overnight attack in an area of eastern Congo hit by an Ebola epidemic, although its account of the violence differed from local reports.

The deputy mayor of Beni in the eastern Democratic of Congo said 13 civilians were killed late on Monday in an attack by the Allied Democratic Forces (ADF) - a group thought to be linked to Islamic State.

“The victims were killed by bullets and others by bladed weapons,” Mayor Modeste Bakwanamaha told Reuters.

In a statement on the messaging website Telegram, Islamic State said it was behind the attack. It said it had targeted the Congolese army in Beni, killing or wounding 25 people.

Webmaster's Commentary: 

One has to wonder; home grown jihadis, or the "American funded and trained" brand?!?

And why would the US government want a military presence in the Congo?!?

One brief look at the following, and then you will understand:

Google tells us that: "The Democratic Republic of Congo (DRC) is a country with huge natural wealth. Almost every valuable natural resource can be found there, from a multitude of minerals – including diamonds, gold, copper, cobalt, cassiterite (tin ore) and coltan – to timber and oil.Dec 17, 2009"

Now tell me: how could the US government ever let the people of Congo control their own destiny, and their vast natural wealth?!?

The short answer is, it wouldn't.

The following article is very enlightening in this area: How Washington got on board with Congo's rigged election.

SHARE THIS ARTICLE WITH YOUR SOCIAL MEDIA