ECONOMY | WHAT REALLY HAPPENED


ECONOMY

May 26 16:07

CALIFORNIA SENATE PASSES REVOLUTIONARY BILL TO BYPASS FEDERAL RESERVE, CREATE CANNABIS BANKING INDUSTRY

On Tuesday, the California Senate passed a bill that would establish limited state-chartered banks to serve the cannabis industry. Final passage of this legislation would remove a major federal roadblock in front of the developing industry in the state and further nullify federal prohibition in practice.

May 26 10:28

BIPARTISAN THIRST FOR MORE WAR: 75% OF CONGRESS CALLS ON TRUMP TO BOOST INTERVENTION IN SYRIA, TO ‘PRESSURE’ IRAN AND RUSSIA

SOURCE: BEN NORTON, GRAYZONE PROJECT

WHILE TRUMP THREATENS IRAN AND VENEZUELA WITH NEW WARS, 400 CONGRESS MEMBERS, INCLUDING LEADERS FROM BOTH PARTIES, WANT TO INTENSIFY THE EIGHT-YEAR WAR ON SYRIA, TO WEAKEN IRAN, RUSSIA, AND HEZBOLLAH.
While the Donald Trump administration is threatening two new wars on Iran and Venezuela, a substantial majority of the US Congress is clamoring for more immediate action.

Nearly 400 Congress members from both chambers — roughly 75 percent of all federal US lawmakers — have signed an open letter calling on President Trump to escalate the war in Syria, in the name of countering Iran, Russia, and Lebanese Hezbollah.

Top Democratic Party leaders have joined hawkish Republicans in a bipartisan demand that the far-right president “address threats in Syria” and “demonstrate American leadership in resolving the prolonged conflict.”

Webmaster's Commentary: 

One has to remember; unlike the President, (who has to put his money into a blind trust, before he takes the Oath of Office), Senators and Congressional Representatives, can put their money, in terms of investment, anywhere they wish.

One has to wonder, just how many of them are invested in either companies which provide weaponry, or other military-supportive companies, like those who create medicines, or food, for our troops.

When wars come, companies like these, make incredible profits, as well do their stockholders. So, when our "alleged" representatives feel that they can "justify" wars (in which, I might add, their kids will most probably not be fighting), they will do so, at the drop of a hat; hell, they have nothing to loose, right?!?

Wars represent a terrible failure of imagination, for most logical folks.

And of course, Israel and AIPAC, are encouraging these was against their enemies, so the costs will only be borne, in American blood, and American money.

May 26 09:08

Trump arrives in Tokyo and digs Japan for 'substantial edge' on trade

Donald Trump kicked off his state visit to Japan on Saturday by urging Japanese business leaders to increase investment in the US – but he also complained about his own central bank and knocked his hosts for having a “substantial edge” on trade, which he said negotiators were trying to even out.

May 26 09:08

Without Gold The Wealthy Will Be Wiped Out

May 26 09:03

US-China Collaboration Summit Breaks Through The Insanity Of US-China Trade War

While the world watches America shoot itself in the foot yet again as President Trump targeted Huawei as an enemy of the state, a beacon of sanity shown through the darkness this week as 400 U.S. state leaders, business people, non-profits and Chinese delegates representing four provinces, converged on Lexington, Kentucky from May 22-24 for the 5th Annual US-China Governors Collaboration Summit. This summit which rotates between China and the USA every year, was especially important as it cut through the narrative that America is one homogeneous beast with one singular outlook aimed at world dominance.

May 26 09:01

CHINESE STATE REPORTERS CAUGHT "SNOOPING AROUND" NATO BASE, GERMANY INVESTIGATES

SOURCE: ZEROHEDGE

Journalists representing China's main state media outlet are in hot water after they were seen filming NATO military equipment and asking probing questions of German soldiers about their daily routines and military jobs.

The incident has threatened to alight fresh controversy related to European and US suspicious of aggressive global spying tactics by Beijing, not the least of which is Chinese firm Huawei's rollout of next-generation 5G products inside Germany, which Berlin has controversially been favorable to, resulting in the Trump administration notifying the German government in March that the US would limit the intelligence it shares with German security agencies should Berlin move forward in permitting Huawei to build the country's mobile-internet infrastructure.

Webmaster's Commentary: 

The first question I would need to ask is, are why did the Chinese reporters do this so ham-fistedly, in order to draw attention to themselves?!?

The second question I would have to ask, is why did the NATO personnel at the site allow this to happen in the first place?!?

Folks, I need to suggest here, politely, that this may have been an exercise in entrapment on the part of NATO, and was engineered to focus, for Americans and Europeans, on the "China Bad Syndrome", which has been bandied about, in Europe, and the US, for quite some time.

May 26 08:53

The US returns to buy Venezuelan oil Zajárova says

From May 10 to 17, the United States imported 49,000 barrels of Venezuelan crude oil. This is the first time that the country imports its neighbor's oil in weeks and the Russian Foreign Ministry spokeswoman, María Zajárova, has commented on the figure, published in the weekly report of the US Energy Information Administration.

Zajárova recalled that in March the press reported that the special envoy of the United States Government for Venezuela, Elliott Abrams, had said that the United States was seeking "the complete isolation of President Nicolás Maduro on the international stage and, above all, the cessation of any commercial transaction of banks, companies and companies with Venezuela that would be beneficial for Maduro ".

Zajárova countered Abrams' words that the US has resumed Venezuelan oil imports . 49,000 barrels a day.

"And so always, first they encourage everyone to do something and then they change their maneuver 180 degrees, leaving those who gave in," he said.

May 26 08:25

STOLEN NSA HACKING TOOL NOW VICTIMIZING US CITIES, REPORT SAYS

SOURCE: CNET.COM
A hacking tool developed by the US National Security Agency is now being used to shut down American cities and towns, says a Saturday report in The New York Times.

Code-named EternalBlue, the hacking exploit involves malicious software and was leaked in 2017 by a group called Shadow Brokers. Hackers used the tool that same year in the worldwide WannaCry ransomware attacks, which locked up computer systems at hospitals, banks and phone companies and required a ransom to set the networks free. It was also used in the 2017 NotPetya assault against Ukraine, which has been called one of the most destructive cyberattacks ever.

Now, though, EternalBlue has reportedly landed in the NSA's own backyard: Baltimore, site of the agency's headquarters. The city has been hobbled since a ransomware attack on May 7 ensnared the local government's computers, disrupting city services. Baltimore's IT department is only slowly getting systems up and running again.

Webmaster's Commentary: 

Yikes! This is, officially, horrible!

Did NO ONE understand what might happen, if this code got into the wrong hands?!?

May 26 07:19

Let The Chips Fall Where They May

May 25 10:42

Massive Lay-Offs During Strong Recovery?

May 25 10:34

China accuses U.S. officials of misleading public on trade war

China on Friday accused U.S. officials of lying to the public about their trade war, as rising tensions between the world's two largest economies kept financial markets in a state of unease.

Talks to end the trade dispute collapsed earlier this month, with the two sides in a stalemate over U.S. demands that China change its policies to address a number of key U.S. grievances, including theft of intellectual property and subsidies for state enterprises.

Washington has slapped higher tariffs on $200 billion in Chinese goods, prompting Beijing to retaliate, and effectively banned U.S. firms from doing business with Huawei Technologies Co Ltd, the world's largest telecom network gear maker.

May 25 10:26

Nearly 25% of Americans are going into debt trying to pay for necessities like food

American have an average of $6,506 in credit card debt, according to a new Experian report out this week. But which expenses are adding to that balance the most?

A full 23% of Americans say that paying for basic necessities such as rent, utilities and food contributes the most to their credit card debt, according to a new survey of approximately 2,200 U.S. adults that CNBC Make It performed in conjunction with Morning Consult. Another 12% say medical bills are the biggest portion of their debt.

May 25 10:02

How the U.S.-China trade war became a conflict over the future of tech

It may have begun as a trade war, but the U.S. conflict with China is increasingly becoming a technology war.

President Trump’s decision to confront Beijing over policies that he says discriminate against foreign companies and distort global markets has become a battle for control of advanced communications and computing technologies.

That evolution is taking the transpacific conflict into sensitive realms of national security and human rights, making a quick settlement an ever more distant outcome. It is also putting at risk a wide array of U.S.-China technology cooperation, including easy access to visas for researchers and venture capital funds for U.S. start-ups — and threatening to boomerang on U.S. companies that China might retaliate against.

May 25 09:37

US pressures to prevent China companies from operating in Israel

The US is pressuring Israel to prevent Chinese companies from entering Israeli facilities.

US National Security Adviser John Bolton addressed this issue during his visit to Israel in January, and warned against the entry of Chinese technology companies, such as Huawei and ZTE, to the Israeli market, Haaretz reported yesterday.

The US warnings come as Israeli Prime Minister Benjamin Netanyahu is seeking to boost trade ties with China, but at the same time is facing US pressure. The Marker newspaper reported this week that the Cabinet abstained from setting up a special committee to monitor China’s technology and investment, despite US pressures. The report added that Israel is now seeking an approach that appeases America.

May 25 09:36

U.S. manufacturing slumps to 9 year low in May

All economic data is pointing to a slower 2019. One of those bits of data is from the manufacturing industry. United States manufacturing growth has hit a 9 year low this month, which is a terrible sign for our volatile economy.

Faced with decreasing demand from customers and a flareup in U.S.-China trade war and tariff tensions, American businesses grew in May at the slowest pace since before President Trump was elected, a pair of new surveys show. An IHS Markit "flash" survey of U.S. manufacturers fell to a nine-and-a-half-year low of 50.6 this month from 52.6 in April. Manufacturing conditions have been soft for months.

May 25 09:27

The End of Risk-Free Retirement

May 25 08:37

It's Not Nothin'! May PMIs Turn Butt Ugly

May 25 07:46

23% OF AMERICANS ARE GOING INTO DEBT TRYING TO PAY FOR FOOD, RENT, UTILITIES

American have an average of $6,506 in credit card debt, according to a new Experian report out this week. But which expenses are adding to that balance the most?

May 25 03:37

Let's look at ownership of US gov' debt.

May 24 16:10

44 Things You Should Know About The Green New Deal

By Jon Miltimore

On Feb. 7, US Rep. Alexandria Ocasio-Cortez and US Sen. Ed Markey introduced legislation known as the Green New Deal. You’ve probably heard of it. It’s a big deal, to paraphrase Joe Biden.
The History of New Deals

Wikipedia, the Internet’s fountain of knowledge, describes the legislation as “a proposed stimulus package that aims to address climate change and economic inequality.” Okay. But what is that?

If the term “new deal” sounds familiar, it should. It’s a reference to FDR’s New Deal, which was itself a play off of Teddy Roosevelt’s Square Deal. (Politicians don’t win extra points for originality.)...

May 24 13:19

Russia Condemns US "Warships" Off Venezuela's Coast - Says Coup Attempts Ongoing

We might chalk it up to stating the obvious, but by and large the media has moved on from Venezuela, however, the coup plotters in Washington have not. Apparently the Kremlin also wishes to remind the world of this, given its ongoing support to Maduro and his army, and given that the Russian foreign ministry has remained vocal on the issue, announcing this week that "US-backed attempts to stage a coup in Venezuela will continue."

May 24 13:04

Boeing Shares Slide On Reports Of SEC Investigation

Since the aviation authorities around the world grounded the 737 MAX 8 following a second suspicious crash, the scrutiny facing Boeing has been intensifying. Over the past two months, the DoJ has opened a criminal probe, the FAA is looking into whether Boeing mislead regulators during the certification process, and a smattering of Congressional investigations are also ongoing - not to mention the flurry of lawsuits stemming from the two deadly crashes in Ethiopia and Indonesia.

Webmaster's Commentary: 

Whoever at Boeing signed off with these known flaws, should face trial, and if found guilty, thrown in the slammer, and not a Club Fed, period, end of discussion.

May 24 13:02

"Retaliation Is Imminent": Here Are China's "Nuclear" Trade War Options

Almost exactly one year ago, when the US-China trade war was still in its early stages and when conventional wisdom (wrong, as it usually is) dictated that the two sides would never escalate to the "tech cold war" stage we have now as it is in "nobody's interest" to launch an all-out trade war, we listed what were Beijing's five at the time "nuclear" retaliation options; these included currency depreciation, sales of US Treasurys, blocking of US services, curbing of oil shipments and a rare-earth metal export ban, crippling US supply chains.

Webmaster's Commentary: 

What President Trump, apparently is pathologically unable to see, is that the word "negotiations": takes honest, give and take, not "My way, or the Highway!!

I am still very concerned, about the degree to which the US is trying to militarily rattle them, by these so-called "Freedom of Access" journeys in the South China Sea by our Navy; unfortunately, trade wars can morph into shooting wars very quickly.

May 24 12:24

Russians, Americans Race to Fulfill Europe's Increasing Thirst for Imported Gas

The competition for a stake in the European gas market is heating up in 2019, which promises to be an important year. The outcome of this contest will have a long-lasting effect. Two interconnected but separate developments are having a substantial impact on Europe’s energy imports. On the one hand, the shale revolution in the U.S. is producing massive amounts of natural gas, which is supercooled as LNG and shipped overseas. On the other hand, Europe's long-time supplier, Gazprom is working on additional pipeline infrastructure such as Nord Stream 2 and Turk Stream to secure its market share in the wake of increased competition.

May 24 12:11

Israel: “Wiped off The Map”. The Rumor of the Century, Fabricated by the US Media to Justify An All out War on Iran

Global Research Editor’s Note

The following text by Arash Norouzi first published by the Mossadegh Project and Global Research in January 2007 confirms that the alleged “Wiped Off the Map” statement by Iran’s president was never made.

In the light of recent US threats directed Iran, we are reposting this important article.

Iran does not constitute a threat to Israel.

The rumor was fabricated by the American media with a view to discrediting Iran’s head of state and providing a justification for waging an all out war on Iran. the article provides of media manipulation and “propaganda in action”.

Iran is blamed for refusing to abide by the “reasonable demands” of “the international community”.

In recent developments, Iran is persistently described as threatening the security of Israel. And Israel is described as instrumental in determining US foreign policy.

Webmaster's Commentary: 

And the $64,000 dollar question here is, if the US invades Iran, what will Russia and China's parliaments do?@?

Sit back and sing, "Kumbya"?!?

I rather think not!!

May 24 11:06

Visualizing the Future of Banking Talent

May 24 11:05

The Next Economic Crisis And The Looming Post-Multipolar System 

At one time, specifically during the post-World War 2 Bretton Woods era, it looked like as if the capitalist model could be indefinitely sustainable and avoid plunging the world into major world conflicts. That era began to come to an end during the stagflation crisis of the 1970s, and came to a complete end at the end of the Cold War which ushered in the era of the so-called “globalization” which took form of unbridled competition for markets and resources. At first this competition did not show many signs of trouble. There were many “emerging markets” created as a result of the collapse of the Soviet bloc into which Western corporations could expand.

However, the law of diminishing returns being what it is, the initial rapid economic growth rates could not be sustained and attempts to goose it using extremely liberal central bank policies, to the point of zero and even negative interest rates, succeeded in inflating—and bursting—several financial “bubbles”.

May 24 11:03

Mississippi Floodway May Be Opened, Unleashing 17 Million Liters Of Water Per Second

One of the major barriers that keeps the Mississippi River on its course could be opened for only the third time in its history. The opening would be the result of rising river levels and could also flood parts of Louisiana, which would affect businesses in the region, according to Bloomberg.

The Army Corps of Engineers may be forced to open the Morganza Floodway, a lengthy dam-like barrier that redirects 600,000 cubic feet, or 17 million liters of water, per second to take pressure off the Mississippi. The river has been at high levels since last October as a result of massive rainfalls that have also had a negative effect on crops in the region.

May 24 10:59

Sanctions Are a Bitch – U.S. Refiners Importing Russian Oil Like Mad

Working off a stub from Bloomberg, Sputnik took a lot of joy in amping up the irony.

The market needs to be fed. And refiners will buy whoever has the best cargo at the best price. It is only politicians who don’t understand that you can’t dictate to the markets.

Now refiners in the U.S. have been under pressure with rising oil prices but Russian oil isn’t brought in to supply the tight gasoline market. Russian Urals grade is considered heavy-sour which is better for refining into diesel and other heavier grades.

May 24 10:05

Vietnam Is On The Verge Of An Energy Crisis

May 24 09:49

Trump Authorizes $16 Billion To Farmers Affected By Trade War

President Donald Trump authorized the Department of Agriculture (USDA) Thursday to give $16 billion to U.S. farmers suffering from Chinese tariffs, saying that his administration is fighting for farmers “on every front.”

The White House outlined programs intended to help farmers while giving the president time to work out a beneficial trade deal with China. The funding is intended to help farmers hurt by China’s “unjustified trade retaliation,” according to a White House press release.

“On every front, we are fighting for our great farmers, our ranchers, our growers,” Trump said in a statement Thursday.

May 24 09:37

Are we on the brink of a jobless future?

May 24 09:25

The Boeing 787: Broken Dreams l Al Jazeera Investigations

May 24 09:09

POLITICS OF OIL: CITGO BOND HOLDERS FACING A GUAIDO HAIRCUT

Reuters reports that Venezuelan opposition leader Juan Guaido has hired Cleary Gottlieb, a Washington law firm skilled in debt negotiations, to help him on the path he hopes will bring him to power.

May 24 08:20

This is a ticking time bomb IMO...

May 24 06:34

75% OF FTC OFFICIALS WORKED FOR CORPORATIONS IT’S SUPPOSED TO BE REGULATING

A new report reveals that two-thirds of Federal Trade Commission officials, tasked with everything from bleach labeling to enforcing net neutrality, either worked for corporations before entering the agency or soon after the end of their term over the past two decades.

May 24 06:15

Baltic Dry Index Leads Stock Prices

May 23 16:34

Auckland Transport, MBIE defend use of Hikvision gear as Chinese face-recognition, surveillance camera maker joins Huawei on US blacklist

Chinese surveillance camera and facial recognition technology company Hikvision will follow Huawei onto Trump Administration's security blacklist within weeks, according to a New York Times report - a move that could put heat on local Hikvision customers such as the Ministry of Business, Innovation, and Employment (MBIE) and Auckland Transport.

The blacklist stops US technology companies supplying banned Chinese companies with components.

*NZHerald now has some stories as pay to view, so to read more, you need to subscribe. They need the money.*

May 23 16:29

Westpac warning: Capital proposals will add $6000 a year to cost of average Auckland mortgage

Proposed changes to increase the amount of capital banks hold could add $6000 a year to the cost of an Auckland mortgage and have a "significant negative impact" on the economy, Westpac bank is warning.

The New Zealand arm of the Australian-owned bank has today made public its submission to the Reserve Bank's proposed capital changes.

Submissions closed last Friday on the RBNZ's proposals which include a near doubling of the minimum common equity banks should hold from 8.5 per cent currently to 16 per cent.

The proposed increase is designed to make banks safer and better designed to handle periods of financial stress by holding enough capital to reduce the probability of a financial crisis in New Zealand to a one in 200-year event.

*Someone knows what's coming...*

May 23 12:25

Vast Majority Of Americans Reject Attack On Iran; Half Expect War "Within Few Years"

War with Iran remains a deeply unpopular prospect among the American people, but a new opinion poll conducted by Reuters and polling organization Ipsos found there's not much optimism concerning the likelihood of getting entangled in a future conflict. The poll released Tuesday found that half of all Americans see the US and Iran being at war "within the next few years".

As of early this week it appeared the White House as well as Pentagon were firmly signaling the US has climbed down the escalation ladder, with statements claiming the US military build-up near the Persian Gulf of the past two weeks had forced Iran to put its planned actions against US troops "on hold" in order to "recalculate".

Webmaster's Commentary: 

Netanyahu wants this war, and at double-march speed time.

He cannot wait for Trump to turn around and do something logical here, so I would say that a reasonable "window" for a false flag event, to be blamed on Iran, would be between Monday, Memorial Day, and Thursday, 4 July, which is the US's main patriotic event.

Please understand that I would hate like heck to be right; but this is what I see, looking at, with all the pieces of the puzzle in view.

May 23 12:23

Will Deutsche Bank Fail THIS Summer?

May 23 12:20

Bill Blain: "Xi Is In Much More Trouble Than We Think"

In terms of market action, trade fears really seem to have settled in as the dominant theme on markets. But if markets are simply wondering when there will be a solution, then they may be waiting for the wrong thing. While the mood remains negative as the market waits for a US/China agreement/resolution, maybe the new long-term reality is an increasingly and deliberately bifurcated global economy? The US and its allies vs China. If it sounds familiar – it should in terms of 1945-89. The West won the last Cold War on the same basis – and the economic benefits accrued to the free capitalist states, a theme the Neo-coms are increasingly banding around. You just imagine the scene in the war room: “This is time Mr President..”

May 23 12:01

Blaming Dead Pilots Brought to You by Boeing

The House Transportation Subcommittee on Aviation held an oversight hearing last week on the two recent Boeing 7373 MAX airplane crashes.

Testifying were the heads of the Federal Aviation Administration (FAA) and the National Transportation Safety Board (NTSB).

Asking questions and making statements were 39 members of the House – 22 Democrats and 17 Republicans – who during the 2018 election cycle took in a total of $134,749 – or an average of $3,455 each from Boeing in campaign contributions.

Inoculating their interests from responsibility, blame, shame and liability were the Boeing lobbyists and lawyers swarming the Capitol.

The chair of the subcommittee, Rick Larsen (D-Washington) ($7,048 from Boeing in 2018, $101,134 over his career), artfully steered the hearing away from Boeing’s corporate responsibility for the deaths of the passengers on the Lion Air and Ethiopian Airlines planes that crashed within five months killing all 346 passengers on board.

May 23 11:41

How to Avoid Hype-Burn in this IPO Mania

May 23 11:37

Xi Jinping’s Rare Earth Visit Highlights Weak Spot in U.S. Trade Strategy

When Chinese President Xi Jinping unexpectedly toured a rare earth mining facility following the announcement of U.S. sanctions on Huawei, the message was unmistakable: China is prepared to use its domination of raw materials used in virtually all high-tech manufacturing to gain leverage in the trade dispute.

China is the largest supplier of rare earth materials that are used in everything from mobile phones to nuclear power to guided missiles. Xi’s visit highlighted the fact that just as Chinese companies such as Huawei and ZTE require U.S. technology for their products, U.S. technology and national security manufacturers rely on Chinese rare earths.

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