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23 Nations Around The World Where Stock Market Crashes Are Already Happening

August 17th, 2015
Categories: World, Economic

Link: http://theeconomiccollapseblog.com/archives/23-nations-around-the-world-where-stock-market-crashes-are-already-happening

Most of these stock market crashes are occurring in nations that are known as “emerging markets”. In recent years, developing countries in Asia, South America and Africa loaded up on lots of cheap loans that were denominated in U.S. dollars. But now that the U.S. dollar has been surging, those borrowers are finding that it takes much more of their own local currencies to service those loans. At the same time, prices are crashing for many of the commodities that those countries export. The exact same kind of double whammy caused the Latin American debt crisis of the 1980s and the Asian financial crisis of the 1990s.

Tennessee prison employees used inmates as slave labor for personal profit

August 17th, 2015
Categories: Economic, Police State

Link: http://www.rt.com/usa/312688-prison-slave-labor-claims/

Inmates in a Tennessee jail are being used as slave labor to benefit the private company belonging to detention center employees, two former prisoners claim.

Why California's Droughts are Just Going to Get Worse

August 17th, 2015
Categories: News, Nature, Environment, Economic

Link: http://www.livescience.com/51891-why-california-droughts-are-going-to-get-worse.html

California is now well into its fourth consecutive year of drought. This is not without consequences. Tensions in the state have mounted as urban and agricultural water users become increasingly stressed by water shortages — but we can't blame the almond farmers. There are many factors at play here, notably a complex water cycle and conveyance network, as well as a somewhat archaic legal landscape.

Yuan vs Dollar: The World is Not US-Centric Anymore

August 17th, 2015
Categories: World, Economic

Link: http://sputniknews.com/us/20150817/1025851208.html

China is continuing to devaluate its national currency to increase the competitiveness of its national exports causing some American experts to consider the move as “currency manipulation.”China keeps its currency very low to enforce the interests of its export industries. This type of policy would make Chinese products even cheaper and, therefore, more attractive for buyers.

Ditching the dollar: Russia, China to create new gold market

August 17th, 2015
Categories: World, Economic

Link: http://www.blacklistednews.com/Ditching_the_dollar%3A_Russia%2C_China_to_create_new_gold_market/45721/0/38/38/Y/M.html

While key Western banks are artificially restraining gold prices to breathe life into the diluted and devalued dollar system, Russia,China and other emerging economies are involved in “the genial move” to establish an entirely different gold market.

Hormone-Mimicking, Endocrine-Disrupting Nightmare? L.A. Just Dumped Millions of Plastic Balls into Its Drinking Water Video

August 12th, 2015
Categories: News, Nature, Environment, Economic

Link: http://truthstreammedia.com/2015/08/12/hormone-disrupting-nightmare-ca-just-dumped-millions-of-plastic-balls-into-l-a-s-drinking-water/

The Los Angeles Department of Water and Power is buying 80 million 4-inch black polyethylene balls to cover the surfaces of three Los Angeles reservoirs that serve 4 million residents. At a cost of 33 cents each, the hollow spheres are designed to block sunlight from turning bromide and chlorine in the water into bromate, a suspected carcinogen. NPR is reporting total cost of the project at $34.5 million.

Syriza agrees to full list of EU austerity demands in new bailout plan

August 12th, 2015
Categories: World, Economic

Link: http://www.wsws.org/en/articles/2015/08/12/gree-a12.html

Greece’s Syriza government and European Commission officials announced a new draft austerity agreement Tuesday Syriza has accepted all of the main demands of the “troika” (European Union, European Central Bank and International Monetary Fund). A Syriza finance ministry official told Reuters, “An agreement has been reached. Some minor details are being discussed right now.”
Under the terms of the agreement, up to €86 billion will be loaned to Greece over the next three years, conditional on the imposition of a raft of new and savage austerity measures against the working class.

It’s 460 AD in Rome: This won’t be Fixed

August 12th, 2015
Categories: News, World, Economic

Link: https://www.lewrockwell.com/2015/08/paul-rosenberg/remember-the-fall-of-rome/

Another American election cycle is upon us, and large numbers of people are lining up to pour their time and money into the sewer of politics, to be lost forever.

China stuns financial markets by devaluing yuan for second day running

August 12th, 2015
Categories: Economic

Link: http://www.blacklistednews.com/China_stuns_financial_markets_by_devaluing_yuan_for_second_day_running/45650/0/38/38/Y/M.html

China stunned the world’s financial markets on Wednesday by devaluing the yuan for the second consecutive day, triggering fears the world’s second largest economy is in worse shape than investors believed. The move sent fresh shockwaves through global markets, pushing shares sharply lower and sending commodity prices further into reverse as traders feared the move could ignite a currency war that would destabilise the world economy.

6 Creative New Techniques Republicans Have Developed for Torturing the Poor

August 10th, 2015
Categories: Economic, Politics, Police State

Link: http://www.alternet.org/economy/6-creative-new-techniques-republicans-have-developed-torturing-poor

Limits on ATM Withdrawals for Welfare Recipients in Kansas. Revocation of Driver’s License in Iowa For Missing Student Loan Payments;Tennessee will revoke nursing license of a nurse who fails to make student loan payments. Arkansas Arrests and Prosecutes People for Missing Rent Payments; in many cases, a sentence of jail time. Using the Poor as ATMs: Harsh Financial Penalties for Minor Infractions and Traffic Violations. The Return of Debtors’ Prisons. Voter Identification Requirements Suppress Poor People’s Votes.

US-NATO Military Deployments, Economic Warfare, Goldman Sachs and the Next Financial Meltdown

August 8th, 2015
Categories: News, Economic

Link: http://www.globalresearch.ca/us-nato-military-deployments-economic-warfare-goldman-sachs-and-the-next-financial-meltdown/5467943

Modern warfare is not limited to the sphere of military and intelligence operations. Washington not only imposes economic sanctions on countries which do not support its imperial agenda, it also fosters the outright destabilization of national economies.

The Number Of Potential Claims Per Deliverable Ounce On The Comex Has Risen To A Record High Of 121 To 1

August 5th, 2015
Categories: News, Economic

Link: http://investmentwatchblog.com/the-number-of-potential-claims-per-deliverable-ounce-on-the-comex-has-risen-to-a-record-high-of-121-to-1/

As you can see from the first chart below, the number of potential claims per deliverable ounce on the Comex has risen to a record high of 121 to 1. That can be corrected by higher prices for bullion that will prompt more legitimate sellers of actual bullion to take their stored gold and put it in the ‘registered’ for delivery category.

Why Is Apple Lying About Powering Its Data Centers With Renewable Energy?

August 5th, 2015
Categories: News, Environment, Economic, Science

Link: http://www.truth-out.org/news/item/32208-why-is-apple-lying-about-powering-its-data-centers-with-renewable-energy

It seems that these days, everywhere you look, journalists and environmental activists are praising Apple for powering its data centers with "100 percent renewable energy," as the company puts it. Greenpeace named Apple tops in its 2015 "Clicking Clean" report and commended the company for being transparent about its energy use, pledging to power its data centers entirely with renewable energy, seeking to reduce and mitigate its carbon footprint, and advancing the cause of renewable energy by pushing utility companies to make it available to both large and small customers.

A Prescription for Peace and Prosperity — Paul Craig Roberts

August 5th, 2015
Categories: News, Economic

Link: http://www.paulcraigroberts.org/2015/08/05/prescription-peace-prosperity-paul-craig-robert/

The question is often asked: “What can we do?” Here is a prescription for peace and prosperity. We will begin with prosperity, because prosperity can contribute to peace. Sometimes governments begin wars in order to distract from unpromising economic prospects, and internal political stability can also be dependent on prosperity.

Washington’s Fifth Columns Inside Russia and China Paul Craig Roberts

August 3rd, 2015
Categories: News, World, War, Economic, Politics

Link: http://www.paulcraigroberts.org/2015/08/03/washingtons-fifth-columns-inside-russia-china-paul-craig-roberts/

It took two decades for Russia and China to understand that “pro-democracy” and “human rights” organizations operating within their countries were subversive organizations funded by the US Department of State and a collection of private American foundations organized by Washington. The real purpose of these non-governmental organizations (NGOs) is to advance Washington’s hegemony by destabilizing the two countries capable of resisting US hegemony.

First Default By U.S. Commonwealth In History: Puerto Rico Fails To Make Required Debt Payment

August 3rd, 2015
Categories: News, Economic

Link: http://www.infiniteunknown.net/2015/08/03/first-default-by-u-s-commonwealth-in-history-puerto-rico-fails-to-make-required-debt-payment/

Over the weekend Puerto Rico was supposed to make a modest principal and interest payment of some $58 million due on Public Finance Corp. bonds, which however few expected would be satisfied. As a reminder, on Friday, Victor Suarez, the chief of staff for Governor Alejandro Garcia Padilla, said during a press conference in San Juan that the government simply does not have the money.

Goldman Sachs Nukes The Earth

August 2nd, 2015
Categories: News, Economic

Link: http://www.rense.com/general96/goldmansa.html

“The first thing you need to know about Goldman Sachs is that it’s everywhere. The world’s most powerful investment bank is a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money. In fact, the history of the recent financial crisis, which doubles as a history of the rapid decline and fall of the suddenly swindled dry American empire, reads like a Who’s Who of Goldman Sachs graduates.” (1) – Matt Taibbi, Rolling Stone

US homeownership rate hits lowest level since 1967

July 31st, 2015
Categories: News, Economic

Link: http://www.wsws.org/en/articles/2015/07/31/econ-j31.html

Last month marked six years since the official end of the 2007-2009 recession, and, if official commentators are to be believed, six years since the beginning of the economic “recovery.” Yet by many indicators, American households are actually far worse off than they were during the depths of the 2008 crisis.

Fifty years on: Medicare under assault

July 31st, 2015
Categories: News, Economic, Politics

Link: http://www.wsws.org/en/articles/2015/07/31/pers-j31.html

President Lyndon B. Johnson signed Medicare, the national health insurance program for Americans 65 years of age and older, into law on July 30, 1965. Medicare and the accompanying Medicaid health program for the poor were the last major social reforms enacted in the US and came at a time of intense crisis for American capitalism.

Sanctions Have Failed. 'Buy Russian' Is Working

July 31st, 2015
Categories: News, World, Economic

Link: http://russia-insider.com/en/politics/sanctions-have-failed-buy-russian-working/ri9050

Western sanctions may result in the resurrection of a food super-power which competes with the EU on global export markets. It is now more than a year that Russia imposed its food embargo on the EU and other states which had applied sanctions to it over its absorption of Crimea and intervention in southeastern Ukraine. The results of the change-over in overseas suppliers and rising import substitution through the efforts of domestic producers have now become fairly clear.

Central America Fails to Take Advantage of Energy from Sun, Wind and Earth

July 31st, 2015
Categories: News, Environment, World, Economic

Link: http://www.ipsnews.net/2015/07/central-america-fails-to-take-advantage-of-energy-from-sun-wind-and-earth/

Central America, a place of abundant wind and sunshine, is still chained to thermal power and large-scale hydroelectricity and has failed to include local communities in clean, environmentally-friendly and less invasive projects.

Hypnotic Trance in Delhi: Monsanto, GMOs and the Looting of India’s Agriculture

July 30th, 2015
Categories: News, Nature, World, Economic, Health

Link: http://rinf.com/alt-news/editorials/hypnotic-trance-in-delhi-monsanto-gmos-and-the-looting-of-indias-agriculture/

We are about to enter August. And that’s a special month in India. Each year, on the 15th, the country commemorates the anniversary of independence from Britain. To mark the occasion, official public celebrations take place in Delhi with flag waving and fly-pasts, and the corporate media is awash with patriotic sentiments. Behind the scenes, however, agriculture, the very heart and soul of the nation, will continue to be restructured for the benefit of foreign interests, raising the question: just where does the notion independence sit with such a policy?

Women Are at the Forefront of the Zapatista Revolution

July 30th, 2015
Categories: News, World, War, Economic, Politics

Link: http://www.truth-out.org/progressivepicks/item/32089-women-are-at-the-forefront-of-the-zapatista-revolution

After centuries of oppression, a few indigenous voices of dissent in Chiapas, Mexico, rose up to became a force of thousands - the Zapatistas. Hilary Klein's Compañeras relays the stories of the Zapatista women who have overcome hardship to strengthen their communities and build a movement with global influence. Click here to order your copy of this inspiring book today!

EU’s Greek Austerity Plan Rejected By The IMF — Paul Craig Roberts

July 30th, 2015
Categories: News, World, Economic

Link: http://www.paulcraigroberts.org/2015/07/30/eus-greek-austerity-plan-rejected-imf-paul-craig-roberts/

I have maintained since the so-called Greek Debt “crisis” began back in 2010, I believe it was, that the imposition of austerity on Greece could not possibly work and that the only solution was to write down the debt to a level that Greece could service and introduce reforms that loosen the hold the oligarchs have on the Greek economy. The current Greek government has taken the same position, and now the IMF has joined us.

Why Do So Many Working Age Americans Choose Not To Enter The Workforce?

July 30th, 2015
Categories: News, Economic

Link: http://www.infiniteunknown.net/2015/07/30/why-do-so-many-working-age-americans-choose-not-to-enter-the-workforce/

“93 million: the number of people who don’t work, and don’t want work. To put some context around that last number, it is 30% of the entire U.S. population.”

Supply and Demand in the Gold and Silver Futures Markets – Paul Craig Roberts and Dave Kranzler

July 29th, 2015
Categories: Economic

Link: http://www.paulcraigroberts.org/2015/07/27/supply-demand-gold-silver-futures-markets-paul-craig-roberts-dave-kranzler/

Price of gold and silver in futures markets inconsistent with conditions of supply and demand in actual physical market. Supply of bullion in futures markets is increased by printing uncovered contracts representing claims to gold. This artificial increase in supply of paper bullion contracts drives down price in futures market despite high demand and constrained supply.

Hedge Funds Tell Puerto Rico: Lay Off Teachers and Close Schools to Pay Us Back

July 29th, 2015
Categories: Economic

Link: http://www.alternet.org/world/hedge-funds-tell-puerto-rico-lay-teachers-and-close-schools-pay-us-back

34 hedge funds hired former International Monetary Fund (IMF) economists to come up with a solution to Puerto Rico’s debt crisis called for Puerto Rico to avoid financial default, repay its debts by collecting more taxes, selling $4bn worth of public buildings, cut public spending, particularly education.

Debt Slaves: 7 Out Of 10 Americans Believe That Debt ‘Is A Necessity In Their Lives’

July 29th, 2015
Categories: News, Economic

Link: http://endoftheamericandream.com/archives/debt-slaves-7-out-of-10-americans-believe-that-debt-is-a-necessity-in-their-lives

Debt Slave Debt Slavery Debt Bondage Debt Chains - Public DomainCould you live without debt? Most Americans say that they cannot. According to a brand new Pew survey, approximately 7 out of every 10 Americans believe that “debt is a necessity in their lives”, and approximately 8 out of every 10 Americans actually have debt right now. Most of us like to think that “someday” we will get out of the hole and quit being debt slaves, but very few of us ever actually accomplish this. That is because the entire system is designed to trap us in debt before we even get out into the “real world” and keep us in debt until we die. Sadly, most Americans don’t even realize what is being done to them.

“…economic conditions dire…” US Airways officially dead! “Home Depot has killed us…”: U.S. Job Losses & Store Closings

July 29th, 2015
Categories: News, Economic

Link: http://www.blindbatnews.com/2015/07/economic-conditions-dire-us-airways-officially-dead-home-depot-has-killed-us-u-s-job-losses-store-closings-29-july-2015/40082

Arizona: The University of Arizona issued another warning about mass layoffs saying the new state budget is forcing them to cut $25-million USD in operating costs! (this is actually less than the $43-million they were warning about earlier this year)
- See more at: http://www.blindbatnews.com/2015/07/economic-conditions-dire-us-airways-officially-dead-home-depot-has-killed-us-u-s-job-losses-store-closings-29-july-2015/40082#sthash.hggL4FHp.dpuf

EU Losing ‘Economic War’ With Russia – Polish Lawmaker

July 29th, 2015
Categories: Economic

Link: http://sputniknews.com/europe/20150728/1025146029.html

Mateusz Piskorski, head of the Polish party Zmiana: European countries following interests of United States, forgetting about their own economic interests by waging a sanctions war against Russia, has resulted in immense losses for Europe.

Turning resignation into resistance in Greece

July 28th, 2015
Categories: News, Economic

Link: http://socialistworker.org/2015/07/28/resignation-to-resistance-in-greece

The struggle in Greece has reached a new stage since Alexis Tsipras won the parliament's sanction for drastic new austerity measures, over the opposition of more than a quarter of MPs from his left-wing party SYRIZA and larger numbers among its rank and file.

Mining job cuts: The destructive anarchy of the capitalist market

July 27th, 2015
Categories: Economic

Link: http://www.wsws.org/en/articles/2015/07/27/pers-j27.html

Iron ore price dropped 41 percent, platinum, 19 percent, copper 18 percent and coking coal 15 percent. Slump in commodity prices eliminated tens of thousands of mining-related jobs, gold mines of South Africa, iron mines in Canada, steelworks in US.

Greek Bailout Talks to Begin Amid Secret Drachma Currency Plans

July 27th, 2015
Categories: Economic

Link: http://sputniknews.com/europe/20150727/1025087285.html

Negotiations are due to get underway Tuesday over a $95 billion third bailout for debt-stricken Greece as reports emerged that the left-wing Syriza government is actively considering setting up a parallel currency ready for a return to the drachma.

Russia Ready to Give Thailand Weapons in Exchange for Fruit, Rubber

July 26th, 2015
Categories: Economic

Link: /Russia Ready to Give Thailand Weapons in Exchange for Fruit, Rubber

Russian Trade Minister Denis Manturov: Russia prepared to trade military hardware for Thai rubber, fruit and vegetables as Moscow seeks to boost its ties with Asia. Russia intends to sell Thailand $160 million worth of weapons in exchange for an amount of rubber valued at same price

BRICS Bank, AIIB Pledge Partnership, Loans To Be Issued In Yuan

July 26th, 2015
Categories: Economic

Link: http://www.blacklistednews.com/BRICS_Bank%2C_AIIB_Pledge_Partnership%2C_Loans_To_Be_Issued_In_Yuan/45207/0/38/38/Y/M.html

The BRICS New Development Bank will name its first investment in April next year and the first loan will be issued in yuan not dollar, top officials confirmed. The first president of the Bank, Kundapur Vaman Kamath said in Shanghai that the new lender will work closely with the China-led Asian Infrastructure Investment Bank.

Seoul Will Not Impose Sanctions on Russia – South Korean MP

July 26th, 2015
Categories: Economic

Kim Han Gil, chairs Korea-Russia Inter-Parliamentary Council: South Korea will not join US and EU-imposed sanctions on Russia despite strong outside pressure to do so. Despite slowing global economic development Russia and South Korea managed to ensure a hefty 8.5 percent increase in their bilateral trade; exceeds $27 billion.

All Eyes May Be On Greece Right Now, But In Reality, The Economic Malaise Is Widespread Across The Continent…. Donald Tusk Warns of Revolution in Europe

July 26th, 2015
Categories: Economic

Link: http://investmentwatchblog.com/all-eyes-may-be-on-greece-right-now-but-in-reality-the-economic-malaise-is-widespread-across-the-continent-donald-tusk-warns-of-revolution-in-europe/

Economic malaise widespread across the continent. Italy; longest recession in history, unemployment figures; Southern Europe appalling levels. France, unemployment record highs. Finland, worst unemployment figures; 13-years.. Greece is not the problem. It’s a symptom of the problem.

Shock Report: China Dumps Half A Trillion Dollars: “Something Is Very, Very Wrong”

July 25th, 2015
Categories: Economic

Link: http://govtslaves.info/shock-report-china-dumps-half-a-trillion-dollars-something-is-very-very-wrong/

China reported massive increase in its gold holdings of 600 tons, dumped hundreds of billions of dollars worth of U.S. Treasuries last 15 months, $224 billion offloaded in last 90 days

Copper, China And World Trade Are All Screaming That The Next Economic Crisis Is Here

July 24th, 2015
Categories: Economic

Link: http://www.activistpost.com/2015/07/copper-china-and-world-trade-are-all.html

Copper just hit a six-year low, Morgan Stanley warning that this could be the worst oil price crash in 45 years, Chinese economy is suddenly stalling out, world trade is falling at the fastest pace since the last financial crisis.

India's Energy Industry Overhaul May Hit Australian Coal Exports Hard

July 23rd, 2015
Categories: World, Economic

Link: http://sputniknews.com/asia/20150724/1024982558.html

India is very serious about shifting towards renewable energy, reducing imports of coal by 70 million tons; $17 billion a year. Disastrous consequences for Australia, India's largest coal export partner.

Dictators and Billionaires Demand Creation of UN Tax Agency

July 23rd, 2015
Categories: World, Economic

Link: http://www.thenewamerican.com/world-news/africa/item/21306-dictators-and-billionaires-demand-creation-of-un-tax-agency

The coalition to create UN tax regime, impose global tax includes more than 130 national governments and dictatorships funded by European Union and globalist billionaires such as Bill Gates, did manage to create "Tax Inspectors Without Borders."

Building for the Future: Saudi Arabia Plans to Invest Billions in Russia

July 22nd, 2015
Categories: Economic

Link: http://sputniknews.com/middleeast/20150722/1024914755.html

Saudi Arabia, usually considered a close ally of the US, plans to invest ten billion US dollars in Russia in the coming years. The agreement between Saudi Arabia and Russia is a sensitive geopolitical setback for the United States,

23% Sales Tax Hits Greece

July 21st, 2015
Categories: Economic

Link: http://govtslaves.info/23-sales-tax-hits-greece/

steep increase in the sales tax from 13 to 23 percent. The new rates have been imposed on basic goods, from cooking oil to condoms, coffee, diapers as well as to popular services; taxi rides, restaurants and ferry transport to the Greek islands. The tax hikes are part of a package of austerity measures that also include pension cuts.

China's Record Dumping Of US Treasuries Leaves Goldman Speechless

July 21st, 2015
Categories: Economic

Link: http://www.zerohedge.com/news/2015-07-21/chinas-record-dumping-us-treasuries-leaves-goldman-speechless

Friday,China's announcement it bought over 600 tons of gold in "one month", Chinese FX reserves come via China's US Treasury holdings, are being aggressively sold, to the tune of $107 billion in Treasury sales so far in 2015. China is forced to liquidate US Treasury paper even though it does not want to, merely to fund a capital outflow unlike anything it has seen in history.

Greece – Harbinger of Global Financial Collapse

July 21st, 2015
Categories: Economic

Link: http://wakeupfromyourslumber.com/greece-harbinger-of-global-financial-collapse/

The Greek debt crisis implications should be analyzed at global scale. No matter what kind of deal Athens and Brussels reach, nobody can say what is in store for Greece and the European Union. If the whole Europe is affected, it will give rise to ripple effect to encompass the whole world. No fundamental solutions on the agenda of talks conducted by state officials.

Greece set to strike deal with creditors by August 20 — government

July 21st, 2015
Categories: Economic

Link: http://tass.ru/en/economy/809904

Greek government spokeswoman Olga Gerovasili: Greece intends to strike a new deal with international creditors before August 20. Pursuant to the eurozone summit’s decision of July 12 ratified by the Greek parliament and published in the government’s newspaper, Greece is required for the start of talks with creditors "to change the value-added tax, amend its tax system.

Banks Beg Greeks To Return Their Money To Banks

July 21st, 2015
Categories: Economic

Link: http://govtslaves.info/banks-beg-greeks-to-return-their-money-to-banks/

President of Greek Banks Association Louka Katseli appealed to citiznes to return their money to the banks. “Banks are absolutely trustworthy,” Katseli told Mega TV “as guaranteed by the ECB and the Bank Association, but they would have been even more powerful if 40 billion euros had not been withdrawn in the last months.“Let’s all help our economy,” Katseli urged Greeks and added “If you take your money out of your chests and houses which are not safe in any case and deposit at banks, this will enhance liquidity.”
“Τhere will be no need to “haircut” deposits in the future if we all act responsibly.”

Pay Attention Greece: Puerto Rico Refuses To Pay Creditors Before It Fully Funds Its Citizens' Needs

July 20th, 2015
Categories: Economic

Link: http://www.zerohedge.com/news/2015-07-20/pay-attention-greece-puerto-rico-refuses-pay-creditors-it-fully-funds-its-citizens-n

Puerto Rico Director of the Office of Management and Budget Luis Cruz: “It is the government’s priority to provide public services health, safety, education, we will not be transferring funds from these assignments to pay the debt, "ratcheting up the pressure to restructure the island’s $72 billion debt burden.

Chinese state banks commit $200 billion to stem market selloff

July 20th, 2015
Categories: Economic

Extent of massive government intervention to halt plunge in Chinese stock market revealed last week by figures showing major state-owned banks have made available $200 billion to boost share prices. Massive bank intervention one of a series of measures initiated by government and financial authorities to halt plunge that was threatening economic and political stability.

Greek Banks Will "Open" Monday BUT Depositors Won't Be Able to Take Their Money Out

July 20th, 2015
Categories: Economic

Greek banks are reopening Monday after a forced 3-week closure. Greek government kept daily cash withdrawal limit at 60 euros ($65), added a weekly limit. Bank customers will still not be able to cash checks, only deposit them into their accounts, and will not be able to get cash abroad with their credit or cash cards, only make purchases.

Gold Hits Five-Year Low as US Dollar Soars on Policy Outlook

July 20th, 2015
Categories: Economic

Link: http://sputniknews.com/business/20150720/1024841768.html

Precious metals are nearing their multi-decade lows as the stronger dollar, safer financial markets and lack of inflation in the advanced nations have all undermined demand for the non-yielding passive and low-liquid assets.

Greece makes due payments, no longer in arrears - IMF

July 20th, 2015
Categories: Economic

Link: http://www.rt.com/business/310274-greece-imf-payment-default/

The IMF has confirmed it has received about €2 billion from Greece, which means the country is no longer in arrears. The Greek Finance Ministry has said it started payment of €6.8 billion to the IMF and the ECB.

No debt write-off for Greece, Berlin open to other relief forms: Merkel

July 19th, 2015
Categories: Economic

Link: http://www.presstv.ir/Detail/2015/07/20/421007/Greece-Merkel-Germany-ARD-eurozone-YouGov

German Chancellor Angela Merkel again ruled out proposals to write off some of Greece's debt, assures Berlin is supporting a flexible repayment plan for the debt-laden country. Said any talk of Greece exiting the eurozone was off the table, would lead to “predictable chaos.”

The fund they want Greek assets transferred to is managed by … Schäuble

July 19th, 2015
Categories: Economic

Link: http://wakeupfromyourslumber.com/the-fund-they-want-greek-assets-transferred-to-is-managed-by-schauble/

At the center of a decision by leaders at the summit. In the event of no agreement, Greek assets of [EUR 50 bn] shall be transferred to an existing external and independent fund; Institution for Growth in Luxembourg.”The Institution for Growth counts German Finance Minister Wolfgang Schäuble on its board, chairmanship alternates between German Minister of Finance and Minister for Economic Affairs.

Whole Foods Controversy: Employing Colorado Inmates at 60 Cents A Da

July 19th, 2015
Categories: Economic

Link: http://sputniknews.com/us/20150719/1024814926.html

Organic supermarket chain Whole Foods coming under fire for reportedly paying Colorado prison inmates $ 1.50 an hour to cultivate its fish, milk and gourmet cheese products. The company and its CEO John Makey, whose net worth is more than $100 million, have faced controversy before over overpricing food products, restrictions on unions.

German Construction Company Avoided Paying Tax in Greece

July 17th, 2015
Categories: Economic

Link: http://sputniknews.com/europe/20150716/1024718434.html

Court in Athens found Hochtief, German construction company running Athens International airport avoided paying VAT for 20 years, estimates more than $545 million (€500m) for VAT arrears; with other outstanding payments it might have to pay $1.1 billion (€1bn)." "Under Troika austerity Greeks lost $436 million (€400m) from salary cuts".

We Can All Get by Quite Well Without Banks – Ireland Managed to Survive Without Them

July 17th, 2015
Categories: Economic

Link: http://rinf.com/alt-news/latest-news/can-get-quite-well-without-banks-ireland-managed-survive-without/

Six-and-a-half month strike that closed all banks in Ireland in 1970 had little destructive impact. Irish people found other ways of carrying out functions performed by banking industry. Services of the banks proved by no means indispensable as would have been expected, evidence much of what banks do a “socially useless activity”.

Greece: Follow the Logic of Your Argument and Dump the Euro

July 17th, 2015
Categories: Economic

Yanis Varoufakis, former Greek finance minister: “Germany won’t spare Greek pain;, it has an interest in breaking us”, then dismisses only viable solution; leaving euro, returning to drachma, as too difficult. Nicholas Ridley; Secretary of State for Trade and Industry under Margaret Thatcher: proposed European Economic and Monetary Union “a German racket designed to take the whole of Europe”.

World stocks uneven as Europe rally on Greece fades

July 17th, 2015
Categories: Economic

Link: http://www.democraticunderground.com/10141148885

World stock markets uneven Friday as Europe's rally faded, most Asian indexes advanced, jump in Chinese shares, after strong U.S. earnings. With bailout lenders pledging support for Greece as it moves to re-open banks, investors' fears about Greek exit from euro faded, now examining other parts of global economy.

Almost 25% Of US Shopping Malls Have Closed In The Last Two Years

July 16th, 2015
Categories: Economic

Link: http://govtslaves.info/almost-25-of-us-shopping-malls-have-closed-in-the-last-two-years/

More than 400 of the 2,000 largest malls in the U.S. closed in past two years. No new malls built since 2006. Many retailers downsizing, closing their stores; Blockbuster, JCPenney, Sears, Staples. Habits rapidly changing to online shopping, increasing every year.

“Bank Lives Matter” – Obama Administration Makes Another Move to Protect Profits of Criminal Mega Banks

July 16th, 2015
Categories: Economic

Link: http://www.blacklistednews.com/%E2%80%9CBank_Lives_Matter%E2%80%9D_%E2%80%93_Obama_Administration_Makes_Another_Move_to_Protect_Profits_of_Criminal_Mega_Banks/45081/0/38/38/Y/M.html

Three top Democrats; Sens. Sherrod Brown, Elizabeth Warren, Rep. Maxine Waters accusing Department of Housing and Urban Development of removing aclause in its requirements for taxpayer-guaranteed mortgage insurance in order to spare two banks JPMorgan Chase, Citigroup convicted of federal crimes from being frozen out of the lucrative market.

Steel 'cheaper per tonne than cabbage' in China as iron ore hits six-year low

July 16th, 2015
Categories: Economic

Link: http://www.theguardian.com/business/2015/jul/09/steel-cheaper-per-tonne-than-cabbage-in-china-as-iron-ore-hits-six-year-low

Iron ore prices have plunged to a fresh six-year low as the commodity gets caught up in the fallout from China’s massive sharemarket plunge, with steel now reportedly cheaper per tonne than cabbage. Many agricultural commodity prices were also weaker, including cotton and wheat while copper jumped.

Eurogroup reaches agreement in principle to provide 3 years' assistance program to Greece

July 16th, 2015
Categories: Economic

Link: http://tass.ru/en/economy/809097

Eurogroup welcomes the adoption by the Greek Parliament of all the commitments specified in the Euro Summit statement of 12 July. Concluded that authorities have implemented first set of four measures in a timely and overall satisfactory manner, confirmed Euro Summit statement has been included in the preamble to implementing law adopted by the Greek parliament.

Presenting The "Greek Terms Of Surrender" As Annotated By Yanis Varoufakis

July 16th, 2015
Categories: Economic

Link: http://www.zerohedge.com/news/2015-07-15/presenting-greek-terms-surrender-annotated-yanis-varoufakis

Government must introduce new stringent austerity directed at the weakest. Reducing lowest of the low of pensions, accelerate judicial process and reduce costs; evictions and foreclosures of thousands of homes and businesses. Labour markets: rigorous reviews and modernisation; no collective bargaining, reduce the lowest wages.

Pope Francis Calls for Global Bankruptcy Process

July 15th, 2015
Categories: Economic

Link: http://rinf.com/alt-news/latest-news/pope-francis-calls-global-bankruptcy-process/

Pope Francis called for international bankruptcy process stated, “if a company can declare bankruptcy, why can’t a country do so and we go to the aid of others?” noting that too many countries struggling with high debts, suggested a United Nations bankruptcy proposal could be solution.

Germany seeks to improve economic ties with Iran

July 15th, 2015
Categories: Economic

Link: http://tass.ru/en/world/808865

Economics and Energy Ministry: Germany is interested in normalization of economic relations with Iran,
"German business circles are highly interested in the improvement of relations with Iran."Iran and P5+1 group (US, UK, Russia, China, France and Germany) reached agreement on Tehran’s nuclear program in exchange for removal of sanctions.

EU offers Greece €7bn bridge loan for July, if Athens adopts reforms – media

July 15th, 2015
Categories: Economic

Link: http://rt.com/business/273784-greece-ec-bridge-loan/

European Commission offered to provide Greece €7 billion bridge loan for next three months if Greek Parliament adopts reforms agreed with the international creditors on Monday. Tsipras said he signed the deal, “with a knife at his neck”. However, he confirmed his intentions to finalize the agreement.

Greece debt crisis: IMF attacks EU over bailout terms

July 15th, 2015
Categories: Economic

Link: http://www.democraticunderground.com/10141146856

International Monetary Fund (IMF) criticised bailout deal offered Greece by the eurozone, said Greece's public debt was "highly unsustainable,"urged debt relief on a scale "well beyond what has been under consideration to date"; new bailout should include measures to restructure the country's debt.

Santa Cruz County Decides To Do Away With Big Banks

July 14th, 2015
Categories: Economic

Link: http://thefifthcolumnnews.com/2015/07/santa-cruz-county-decides-to-do-away-with-big-banks/

Santa Cruz County, California Board of Supervisors: The County will not do business, including investment services or bond issuances, with five major banks the Justice Department found associated with felonious acts May of this year; Citigroup, J.P. Morgan & Chase, Barclays, The Royal Bank of Scotland, U.B.S. believe critical County only work with trustworthy institutions to invest, protect public tax dollars, should not be involved with those who rigged world’s biggest financial markets.

Tsipras Stunner: Creditors Said "There Is No Point In Holding Elections" In Bailed Out Countries

July 14th, 2015
Categories: Economic

Link: http://www.zerohedge.com/news/2015-07-14/tsipras-stunner-creditors-said-countries-under-bailout-there-no-point-holding-electi

GREEK PM TSIPRAS: I SIGNED I DEAL I DO NOT BELIEVE IN BUT I'M WILLING TO IMPLEMENT AND WILL ASSUME RESPONSIBILITIES Greece, as a sovereign nation, no longer exists: SAYS LENDERS GIVE A MESSAGE THAT IN COUNTRIES UNDER A BAILOUT THERE IS NO POINT IN HOLDING ELECTIONS.

Experts: Greek debt problem postponed but not resolved

July 14th, 2015
Categories: Economic

Link: http://tass.ru/en/opinions/808658

The Greek debt problem delayed again but not resolved. Probability of Greece’s exit from eurozone still high, although this issue has been taken off the agenda for the time being. Eurozone countries reached agreement Monday on Greek debt crisis. Greece will remain in European Union, euro creditors will give Greece an additional €86 billion over three years to help resolve its current debt problems.

IMF report says Greece will need much more debt relief than bailout offers

July 14th, 2015
Categories: Economic

Link: http://www.democraticunderground.com/10141146009

International Monetary Fund: The severe damage caused to Greek economy by more than two weeks of bank closures and capital controls means the country will require far more generous debt relief than is currently on offer from its single-currency partners.

LA County Supervisor Hires Corporate-Backed "Research" Firm to Kill the Minimum Wage Plan

July 13th, 2015
Categories: Economic

Link: http://www.truth-out.org/news/item/31832-la-county-supervisor-hires-corporate-backed-research-firm-to-kill-the-minimum-wage-plan

Los Angeles County Supervisor Mike Antonovich hired a corporate-sponsored lobby group and PR firm to conduct a "study" of the minimum wage. County is going to pay $55,000 to the Washington, DC-based Employment Policies Institute (EPI) to help him undermine a plan to create a countywide minimum wage of $15 an hour.

Tensions erupt in Europe as Berlin threatens to expel Greece from the euro

July 13th, 2015
Categories: Economic

Link: http://www.wsws.org/en/articles/2015/07/13/euro-j13.html

Italian Prime Minister Matteo Renzi: Italy opposed further demands on Greece under the threat of exit from the euro zone (Grexit), insist euro zone accept Greek Prime Minister Alexis Tsipras’ €13 billion austerity proposal, drafted by French and Greek officials.

Greek crisis endgame: EU agrees to allocate €80bn+ over 3 years

July 13th, 2015
Categories: Economic

After 17 hours of marathon talks, eurozone leaders reached an agreement over a third three-year bailout for Greece worth around €82-86 billion, averts the risk of the country leaving the eurozone. Program will affect pension reform, reform of product markets, privatization, changes in labor exchanges; German Chancellor Merkel.

The problem of Greece is not only a tragedy. It is a lie

July 13th, 2015
Categories: News, World, Economic

Link: http://johnpilger.com/articles/the-problem-of-greece-is-not-only-a-tragedy-it-is-a-lie

An historic betrayal has consumed Greece. Having set aside the mandate of the Greek electorate, the Syriza government has willfully ignored last week's landslide "No" vote and secretly agreed a raft of repressive, impoverishing measures in return for a "bailout" that means sinister foreign control and a warning to the world.

Pew report: 84 percent of world population subsists on under $20 per day

July 12th, 2015
Categories: Economic

Link: http://www.wsws.org/en/articles/2015/07/11/poor-j11.html

Report on global incomes published this week by the Pew Research Center: 71 percent of the world population subsisting on less than $10 per day. The report concludes that 84 percent lives on less than $20 per day.

Greek 'time-out' from euro is an option: eurozone document

July 12th, 2015
Categories: Economic

Link: http://www.democraticunderground.com/10141144121

Eurozone finance ministers included an option for a temporary Greek exit from euro if Athens fails to agree a bailout deal. If a deal is reached, Greece's bailout needs could amount to between 82 billion and 86 billion euros ($91.5-96 billion), "In case no agreement could be reached, Greece should be offered swift negotiations on a time-out from euro area, with possible debt restructuring.

Tsipras Responds To Eurogroup Proposal, Demands Changes

July 12th, 2015
Categories: Economic

Link: http://www.zerohedge.com/news/2015-07-12/eu-leaders-deeply-divided-draghi-debates-bank-lifeline-tsipras-faces-party-rebellion

Greek Prime Minister Alexis Tsipras and German Chancellor Angela Merkel aired differences during meeting in Brussels Sunday on a possible new aid program, were at odds over issues including the treatment of Greece’s debt and the role of the International Monetary Fund in a possible third rescue package.

Greek PM: Debt deal depends on involved parties

July 12th, 2015
Categories: Economic

Link: http://www.presstv.ir/Detail/2015/07/12/419968/Greece-Prime-Minister-Alexis-Tsipras-debt-deal-eurozone

Greek Prime Minister Alexis Tsipras: deal with international creditors on his country’s debt crisis is possible if all involved parties work together. Made the remarks ahead of a eurozone summit. "I'm here for an honest compromise. We can reach an agreement tonight if all parties want it.

It Will Take 29 Years For College Grads To Save 20% Down On SF Home, Study Shows

July 12th, 2015
Categories: Economic

Link: http://govtslaves.info/it-will-take-29-years-for-college-grads-to-save-20-down-on-sf-home-study-shows/

According to a new Trulia study, it will take the average Bay Area college grad approximately 29 years to save 20% down for a typically priced home. For those with no degree, forget it. By this study’s calculations, that 20% down savings is impossible for millennials who didn’t earn a college degree.

The US Dollar and Bretton Woods are Finished: The BRICS/SCO Summits in Ufa Mark the Start of a “Silk World Order”

July 12th, 2015
Categories: Economic

Link: http://www.globalresearch.ca/the-us-dollar-and-bretton-woods-are-finished-the-bricssco-summits-in-ufa-marks-the-start-of-a-silk-world-order/5461828

The US is clearly worried about the Silk World Order that is emerging. It has begun to pull out all the stops, from courting Brazil on the eve of the summit in Ufa to calls for the European Union to not join China’s banking project.

Russia should move to the national payment card this year - Putin

July 11th, 2015
Categories: Economic

Link: http://rt.com/business/272974-putin-russia-payment-card/

President Putin: Russia should switch to national payment card by end of 2015, the country needs to change; more than 90 percent of Russians use foreign payment cards, such as Visa or MasterCard. “We need to launch our own ‘plastic’ [national payment cards] this year.

IMF report: Global growth lowest since 2009

July 10th, 2015
Categories: Economic

Link: http://www.wsws.org/en/articles/2015/07/10/pers-j10.html

US and global economy appears on verge of another economic collapse. China’s stock market imploding, Greece in the midst of a bank shutdown, economic growth in US has stalled, capital flows to emerging countries drying up, military conflicts throughout the world threaten major economic disruptions.

Greek parliament approves government's proposed bailout reforms

July 10th, 2015
Categories: Economic

Link: http://www.presstv.ir/Detail/2015/07/11/419695/Greece-Tsipras-eurozone-vote-bailout-

The Greek parliament has approved a motion allowing reform proposals submitted by the government to international creditors to be used as a basis for further negotiations. The proposed measures include tax hikes and spending cuts very similar to ones Greeks rejected in a referendum on July 5.

Banks Are Too Big to Prosecute, That’s Why Eric Holder Is Headed Back to Work for Them

July 10th, 2015
Categories: Economic

Link: http://www.thedailysheeple.com/eric-holder-banks-are-too-big-to-prosecute-thats-why-hes-headed-back-to-work-for-them_072015

Eric Holder Attorney General: the size of some of these institutions so large difficult to prosecute them when if we do prosecute it will have a negative impact on the national, world economy. Returning to corporate law firm Covington & Burling. Clients include THOSE BIG BANKS; JPMorgan Chase, Wells Fargo, Citigroup, and Bank of America.

Russian President Putin called China 'locomotive of world economy'

July 10th, 2015
Categories: Economic

Link: http://tass.ru/en/world/807786

China is and will remain the "locomotive of the world economy," said Russian President Vladimir Putin at the press-conference after the SOC and BRICS summits on Friday.

BRICS Bank to Approve First Infrastructure Projects in April 2016

July 10th, 2015
Categories: Economic

Link: http://sputniknews.com/business/20150709/1024405369.html

BRICS governments to put together projects which we can look at in the next six months, so that we have them ready for approval in April next year," he said, adding that all the projects will be on the infrastructure area as the bank's initial idea supposes.

Putin: Where was EU when Greek crisis was evolving?

July 10th, 2015
Categories: Economic

Link: http://wakeupfromyourslumber.com/putin-where-was-eu-when-greek-crisis-was-evolving/

Russian President Putin The European Commission should have adjusted the economic activity of Greece before the crisis, EU shouldn’t have issued such high bonuses and loans to the debt ridden country.

US & IMF call for Greek debt relief, warn of global economic damage if ‘Grexit’

July 9th, 2015
Categories: Economic

Link: http://rt.com/business/272617-greece-debt-eu-imf/

The US and IMF called on European leaders to grant Greece debt relief, to prevent ‘Grexit’ from eurozone. International Monetary Fund chief; Christine Lagarde:“Greece in a situation of acute crisis, needs to be addressed seriously and promptly,” Reforms,“debt restructuring” would help to get out of the crisis, US Treasury Secretary Jack Lew calls for compromise, warns of hundreds of billions of dollars in economic damage around the world otherwise.

Chris Christie To Give $180M Tax Break To JPMorgan Chase As He Sells Himself As Job Creator

July 9th, 2015
Categories: Economic

Greece Submits Debt Plan to Creditors

July 9th, 2015
Categories: Economic, Politics

Link: http://sputniknews.com/europe/20150709/1024431649.html

Greek government submitted proposals for economic reforms to international creditorsto avoid bankruptcy. Greek government offering to overhaul pension system. For corporations, taxes could increase from 26% to 28%, rent payments could see a tax increase. May cut defense spending, cut early retirement.

Jeb Bush’s plan: Americans ‘should work longer hours’

July 9th, 2015
Categories: Economic

Link: http://www.msnbc.com/rachel-maddow-show/jeb-bushs-plan-americans-should-work-longer-hours#break

Jeb Bush who made $5.8 million in “consulting and speaking” income in 2013 has argued publicly against federal minimum wage, imposing a higher retirement age on Americans. His interview with newspaper The Union Leader:" We have to be a lot more productive; address a variety of issues, including a tax reform agenda that Americans could expect under his administration."People need to work longer hours and through their productivity, gain more income for their families, only way we’re going to get out of this rut that we’re in.”High-sustained growth means that people work 40 hours rather than 30 hours and that by our success, they have money, disposable income for their families to decide how they want to spend it rather than getting in line and being dependent on government.”

FBI raids Michigan Jewish college suspected of defrauding federal government

July 8th, 2015
Categories: Economic

Link: http://www.haaretz.com/jewish-world/jewish-world-news/1.664992

Federal agents raided the offices of a Jewish college that has prospered from millions of dollars in federal aid, almost all its students live in Israel and hardly any of them graduate. Michigan Jewish Institute students claimed $25 million in Pell Grants; almost all of them took courses at yeshivas and seminaries in Israel that they never completed.

China Bans Media From Talking About Their Crashing Stock Market!

July 8th, 2015
Categories: Economic

Link: http://investmentwatchblog.com/china-bans-media-from-talking-about-their-carshing-stock-market/

Shares shed 30 per cent of value since mid-June, the more Beijing does the more it risks creating perception of desperation. View that policy makers are in a state of panic.” Government banned local media from using terms “equity disaster” and “rescue the market. Moves against short selling, bans on issuing initial public offerings, directive to state pension fund to buy not sell.

The significance of the Chinese stock market rout

July 8th, 2015
Categories: Economic

Link: http://www.wsws.org/en/articles/2015/07/08/pers-j08.html

Shanghai down 8 percent; trading in 50 percent of all listed companies on China’s two principal exchanges suspended, freezing $2.6 trillion worth of equity. Emergency meetings between Chinese Premier Li Keqiang, banking officials and financial regulators, central bank given authority to provide unlimited liquidity to China Securities Finance, finance brokerage houses, uphold “market stability.”

Chicago Looks At 30% Property Tax Increase To Pay Gov’t Pensions

July 8th, 2015
Categories: Economic

Link: http://govtslaves.info/chicago-looks-at-30-property-tax-increase-to-pay-govt-pensions/

Chicago homeowners could face 30 percent property taxe hike to pay for city’s financial problems; efforts on state and county levels to raise income and sales taxes, politicians running out of options to pay public worker pension debt.

New York Stock Exchange Back in Business After Nearly 4-Hour Glitch

July 8th, 2015
Categories: Economic

Link: http://sputniknews.com/business/20150708/1024378358.html

The New York Stock Exchange halted trading in all symbols earlier on Wednesday, but has now resumed. Trading stopped around 11:30 a.m. ET (3:30 p.m. GMT) and began again at approximately 3:10 p.m. ET (7:10 p.m. GMT).

China Bans Stock Sales by Major Shareholders for Six Months

July 8th, 2015
Categories: Economic

Link: http://www.democraticunderground.com/10141139998

China Securities Regulatory Commission banned major shareholders, corporate executives and directors from selling stakes in listed companies for six months, its latest effort to stop the nation’s $3.5 trillion stock-market rout. Investors with stakes exceeding 5 percent must maintain their positions, intended to guard capital-market stability amid an “unreasonable plunge” in share prices.

Small Businesses Threatened With $36,500 IRS Fines For Helping Employees With Health Costs

July 7th, 2015
Categories: Economic

Link: http://xrepublic.tv/node/33441

Small businesses that reimburse employees for the cost of premiums for individual health insurance policies or pay their health costs directly will be fined up to $36,500 a year per employee under a new Internal Revenue Service regulation.

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