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Greece Told To Have A Deal Ready Before Monday Meeting; Tsipras Submits Revised Plan With No Pension Cuts

June 21st, 2015
Categories: Economic

Link: http://www.zerohedge.com/news/2015-06-21/greece-told-have-deal-ready-monday-meeting-tsipras-submits-revised-plan-no-pension-c

France and Germany told Greece it must have a reform deal agreement with the Troika finalized and delivered before a crucial leaders’ summit between Athens and its creditors Monday. Pensions and wages account for 75% of primary spending; Pension expenditures account for over 16% of GDP.

Hungary, Greece, Cyprus to Restart Food Trade With Russia Despite Sanctions

June 21st, 2015
Categories: World, Economic

Link: http://www.blacklistednews.com/Hungary%2C_Greece%2C_Cyprus_to_Restart_Food_Trade_With_Russia_Despite_Sanctions/44665/0/38/38/Y/M.html

Russian health authorities conducting audits of suppliers in all three countries, as well as India, Alexey Alexeyenko, the director of Rosselkhoznadzor (the Russian Federal Service for Veterinary and Phytosanitary Surveillance) is quoted as saying."About 20 companies will be verified in Greece and Hungary. In India around four to five. Cyprus requested a delay for technical reasons."

White House steps up assault on pensions

June 20th, 2015
Categories: Economic

Link: http://www.wsws.org/en/articles/2015/06/20/pens-j20.html

White House announced plan to slash pension benefits for hundreds of thousands of beneficiaries of multiemployer pension funds, appointing Kenneth Feinberg to oversee the cuts, as Obama administration’s “pay tsar” rubber-stamped multimillion-dollar executive bonuses to Wall Street banks bailed out with taxpayer funds, now be given power to slash workers’ benefits at his discretion. Congress allow multiemployer pension plans to slash benefits of current retirees, previously barred under federal law, endorsed by a broad range of unions

EU losses from anti-Russia sanctions estimated at €100 bln — Die Welt

June 20th, 2015
Categories: Economic

Link: http://wakeupfromyourslumber.com/eu-losses-from-anti-russia-sanctions-estimated-at-e100-bln-die-welt/

Sanctions imposed by European Union against Russia over Ukraine crisis and Moscow’s countermeasures will cost Europe €100 billion, endanger over 2 million jobs; influential German daily Die Welt reported Friday. German economy will lose €27 billion, GDP will contract by 1%, Italy will lose 200,000 jobs, France 150,000 jobs.

$5.4bn of deals at St Pete Forum show Russia weathering sanctions – organizers

June 20th, 2015
Categories: Economic

Link: http://rt.com/business/268564-russia-petersburg-forum-results/

A total of 205 contracts, estimated at $5.4 billion, were signed at the annual St. Petersburg International Economic Forum (SPIEF-2015). These numbers completely refute the idea of Russia’s economic isolation. Russia-Greece gas deal estimated at €2 billion that will create a special enterprise for constructing Turkish Stream pipeline across Greece probably most remarkable deal struck at the forum.

Russia Could Come to Greece’s Rescue. That’s Bad News for the United States and NATO

June 20th, 2015
Categories: Economic

Link: http://www.blacklistednews.com/Russia_Could_Come_to_Greece%E2%80%99s_Rescue._That%E2%80%99s_Bad_News_for_the_United_States_and_NATO/44643/0/38/38/Y/M.html

Greece energy ministry; would sign pipeline deal with Gazprom, Russia’s national energy company; Russia said it would pay for infrastructure projects in Greece. Russian Deputy Prime Minister Arkady Dvorkovich: cannot comment on specific decisions.” German Chancellor Merkel in difficult spot. Her party, bankers, people, don’t want to pay for Greece, pressure from Washington to maintain alliance.

Inciting Bank Runs as a Negotiating Tactic

June 20th, 2015
Categories: Economic

Link: http://www.theautomaticearth.com/2015/06/inciting-bank-runs-as-a-negotiating-tactic/

Turned into economic warfare, utilizing media to incite a bank-run in Greece, aimed at paralyzing the Greek government into submission. EU nations should understand; not about Greece anymore. Any member nations that does not fall into step with Brussels must be prepared to deal with attempts to crush it economically and politically.

Sanctions are of no importance for Crimea — republic’s head

June 20th, 2015
Categories: Economic

Link: http://tass.ru/en/russia/802618

Crimea’s head Sergei Aksyonov: sanctions against Crimea is of no importance for the republic, "It is a symbolic gesture. The West has already done everything which it could have done. They have tapped off water and imposed a transport blockade on Crimea. We have survived all that, continue developing in new economic realities. We have become even stronger over the past year."

Bolivia Strikes Big Oil - Morales

June 20th, 2015
Categories: Economic

Link: http://sputniknews.com/latam/20150619/1023562492.html

Major new oilfield found in Bolivia, first in 23 years, holds up to 28 million barrels of crude, enough to triple country’s known oil reserves.

Europe Should Stop Being ‘Useful Idiots of the US’ – MEP

June 19th, 2015
Categories: Economic

Link: http://sputniknews.com/europe/20150619/1023559812.html

Miloslav Ransdorf Czech member of the European Parliament: Europe should stop being “useful idiots” of the United States,falling commodity turnover between Russia and European Union undermines the interests of the EU and Russian Federation, “sanctions, I think will not be officially withdrawn, but I think that they will go away slowly over time, because they are useless.”

Russia economic sector open to world: Putin

June 19th, 2015
Categories: Economic

Link: http://www.presstv.ir/Detail/2015/06/19/416617/Russia-Ukraine-Putin-Saint-Petersburg-

Putin; “Russia is open to the world,” told foreign and Russian investors at the Saint Petersburg International Economic Forum (SPIEF 2015) on Friday, “Our active cooperation with new centers of global growth in no case means that we intend to pay less attention to our dialogue with our traditional Western partners.”“We have stabilized the situation… We have a stable budget. Our financial and banking systems have adapted to new conditions.”

Russia ‘ready to consider bailing out Greece’

June 19th, 2015
Categories: Economic

Link: http://www.davidicke.com/headlines/russia-ready-to-consider-bailing-out-greece/

Russia says it is ready to consider offering loans to debt-stricken Greece, which is struggling to secure financial aid from its Western creditors. Deputy Prime Minister Arkady Dvorkovich “We will support any decision (on the Greek debt crisis) that is proposed by Greece and our European partners,” said, “The most important things for us are investment projects and trade with Greece. If financial support is needed, we will consider this question.

Moscow will respond in kind to seizure of its assets abroad - FM Lavrov

June 19th, 2015
Categories: World, Economic

Link: http://rt.com/news/268312-lavrov-asset-freeze-respond/

Foreign Minister Sergey Lavrov: Moscow will take reciprocal action in response to the seizure of its foreign assets, “Our response would be in kind. This is inevitable. This is the only way of acting in international affairs, threat of seizure of Russian assets in Europe came as the country hosts international business forum in St. Peterburg. The attack may have been timed to coincide with the high-profile event.

EU extends trade and investment ban on Crimea

June 19th, 2015
Categories: Economic

Link: http://www.reuters.com/article/2015/06/19/us-ukraine-crisis-eu-sanctions-idUSKBN0OZ1B920150619

EU governments extended for a year a ban on trade and investment with Crimea on Friday, meaning European help for Russian Black Sea oil and gas exploration and visits by European cruise ships will remain outlawed. The measures were adopted following Russia's annexation of Ukraine's Crimea region in March last year and reinforce the EU's policy of not recognizing the annexation.

Tax Revenue Collapses in Greece; Government Denies Capital Controls; Citizens Pull €2bn in Three Days

June 19th, 2015
Categories: Economic

Link: http://investmentwatchblog.com/tax-revenue-collapses-in-greece-government-denies-capital-controls-citizens-pull-e2bn-in-three-days/

Knowing default is inevitable, Greek citizens stop paying taxes, companies and individuals delayed filing tax returns amid fears that emergency levies were imminent in order to secure a deal with bailout creditors.

IMF Humiliates Greece, Repeats It Will Keep Funding Ukraine Even If It Defaults

June 19th, 2015
Categories: Economic

Link: http://www.zerohedge.com/news/2015-06-19/imf-humiliates-greece-repeats-it-will-keep-funding-ukraine-even-case-default

Ukraine's efforts to strike a debt restructuring deal with its creditors will allow the International Monetary Fund to continue to support the country even if the talks are not successful, the head of the IMF said on Friday as Greece struggles to avoid a default to the IMF on debt. IMF "could lend to Ukraine even if Ukraine cannot service its debt."

Greece Could Join BRICS Bank on Equal Basis as Soon as Launched

June 19th, 2015
Categories: Economic

Link: http://sputniknews.com/business/20150619/1023595850.html

Russia invited Greece in May to become a member of the BRICS New Development Bank, regarded as an alternative to Western global financial institutions, such as the International Monetary Fund (IMF) and the World Bank. Athens would be one of the first non-founder members of the bank.

Russia to construct new gas pipeline to Germany, EU direct supplies to double - Video

June 18th, 2015
Categories: Economic

Link: http://investmentwatchblog.com/russia-to-construct-new-gas-pipeline-to-germany-eu-direct-supplies-to-double/

Gazprom is planning to construct two threads of a new gas pipeline with a capacity of 55 billion cubic meters per year. Shell, E.On and OMV have been invited to participate, said the company. This could double direct supplies of Russian gas to Europe.

Putin: government understands need to maintain dollar value against ruble at certain level

June 18th, 2015
Categories: Economic

Link: http://tass.ru/en/economy/801887

Russian President Putin: The government understands need to maintain the dollar value against the ruble at certain level, "exchange rate difference is more potent and works more efficiently than budget support" for the real, export oriented production.

Moscow protests Belgium seizure of Russian assets

June 18th, 2015
Categories: Economic

Link: http://www.presstv.com/Detail/2015/06/18/416479/Europe-Russia-Belgium-freezing-Russian-assets-Yukos-oil-giant-Ambassador-Alex-Van-Meeuwen

Russian Foreign Ministry said it had summoned “Belgian Ambassador Alex Van Meeuwen on June 18,” adding that the diplomat “was told that Russia considers such action by the Belgian authorities as an openly hostile act.” Belgian authorities seized the Kremlin’s assets in a bid to secure the repayment of a contested Russian debt to the former shareholders of the country's now defunct Yukos Oil Company.

The Brenton Woods Petrodollar System Just Took Another Hit From Russia And China

June 18th, 2015
Categories: Economic

Link: http://marketdailynews.com/2015/06/17/the-brenton-woods-petrodollar-system-just-took-another-hit-from-russia-and-china/

Tuesday it was announced that Russia and China are expected to use the ruble and yuan in payments for gas supplied using the western Altai pipeline. The proposed pipeline will export 30 billion cubic meters of natural gas a year from Russia’s Western Siberia to North-Western China.Gazprom Export CEO Elena Burmistrova: Currency of payment has not yet been determined,” possibility of paying in yuan and rubles.”

Millionaires projected to own 46 percent of global private wealth by 2019

June 18th, 2015
Categories: Economic

Link: http://www.wsws.org/en/articles/2015/06/18/econ-j18.html

Households with more than a million (US) dollars in private wealth projected to own 46 percent of global private wealth in 2019 according to a new report by the Boston Consulting Group (BCG).
Only includes cash, savings, money market funds and listed securities, leaves out businesses, residences and luxury goods, which comprise a substantial portion of net worth.

China and Australia sign ‘historic’ free trade agreement

June 18th, 2015
Categories: Economic

Link: http://rt.com/business/267721-china-australia-trade-agreement/

After a decade of negotiations China and Australia have sealed a free trade agreement which is expected to deliver a $20 billion boost to mutual trade by 2035. Currently trade between the two stands at almost $160 billion annually. A wide range of Australian manufactured goods will see tariff cuts, completes a trio of trade agreements with Australia’s top export markets, China, Japan and Korea.

Greek Debt Committee Just Declared All Debt To The Troika "Illegal, Illegitimate, And Odious"

June 17th, 2015
Categories: Economic

Link: http://www.zerohedge.com/news/2015-06-17/greek-debt-committee-just-declared-all-debt-illegal-illegitimate-and-odious

Speaker of the Greek parliament said she had established a new "Truth Committee on Public Debt" to "investigate how much of the debt is “illegal.” Greece does not have the ability to pay this debt, should not pay this debt because the debt emerging from the Troika’s arrangements is a direct infringement on the fundamental human rights of the residents of Greece. We came to the conclusion that Greece should not pay this debt because it is illegal, illegitimate, and odious.

Russia Embraces Yuan in Move Against U.S. Dollar Hegemony

June 16th, 2015
Categories: Economic

Link: http://www.themoscowtimes.com/business/article/russia-embraces-yuan-in-move-against-us-dollar-hegemony/523715.html

Russian financial authorities, energy companies, state-controlled banks stepping up use of China's yuan currency. Western sanctions spur diversification away from U.S. dollar. Major Russian institutions announce moves to use the yuan, will likely emerge as challenger to global dollar supremacy. Financial institutions nervous of violating U.S. rules, prodding Russia to embrace other currencies.

Even IMF Knocks "Trickle-Down" Economics, Says Poor People Should Be Paid More Money

June 16th, 2015
Categories: Economic

Link: http://www.alternet.org/even-imf-knocks-trickle-down-economics-says-poor-people-should-be-paid-more-money

IMF dismisses concept of "trickle down" economics, suggests poorest 20% of citizens should make more money. “Raising the income share of the poor is actually good for growth," the report reads. IMF's conclusions contradict some of its actual policies. In Greece, the organization prescribed a diet of austerity and strategies that further erode the rights of workers.

China’s second-largest e-commerce company JD.com expands to Russia

June 16th, 2015
Categories: Economic

Link: http://rt.com/business/267529-china-russia-trade-expansion/

Chinese online retailer JD.com (Jingdong Mall) chose Russia as first overseas market for its expansion. Plan to launch Russian-language website on June 18. "We plan to provide Russian consumers with the best Chinese goods; later we want to present Russian goods to the Chinese and other markets.

Starvation Is The Price Greeks Will Pay For Remaining In The EU — Paul Craig Roberts

June 16th, 2015
Categories: Economic

Link: http://www.paulcraigroberts.org/2015/06/15/starvation-price-greeks-will-pay-remaining-eu-paul-craig-roberts/

Greece cannot repay the debts. The West wants to loot Greece. Greece gets new loans with which to repay existing loans. If the Greek government had any sense, it would simply default. Greece can go from a heavily indebted country to a debt-free, could accept Russian offer, leave the EU and NATO. Unravelling of Washington’s empire would begin.

China Mocks G7 As "Gathering Of Debtors", Warns "Confrontation Will Be A Disaster For Europe"

June 15th, 2015
Categories: Economic

Link: http://www.zerohedge.com/news/2015-06-15/china-mocks-g7-gathering-debtors-warns-confrontation-will-be-disaster-europe

G7 a rich-man's club that consists of Western major powers, aims to maintain the collective hegemony of the US-led West. It used to focus on the world's economic issues, and then extended to political and security affairs. IMF and World Bank under control of G7 members.

Japanese companies explore opportunities of cooperating with Russia in gas projects

June 15th, 2015
Categories: Economic

Link: http://tass.ru/en/economy/800882

Russian Energy Minister Sergei Donskoi: Japanese companies are exploring opportunities of cooperating with Russia in natural gas projects; European companies also became more active on the Russian fuel and energy market in conditions of sanctions.

Payday Lender Sues South Dakota, Claiming 36% Interest Rate is too Low

June 15th, 2015
Categories: Economic

Link: http://govtslaves.info/payday-lender-sues-south-dakota-claiming-36-interest-rate-is-too-low/

South Dakotans for Responsible Lending is gathering signatures to put a question on the November 2016 South Dakota ballot that would limit the interest charged by payday loan outfits to 36% per year. Payday lenders crying foul, saying rates that low would force them out of business. Average interest rate on a South Dakota payday loan now around 574%.

Greece, creditors dig in after debt talks founder - Video

June 15th, 2015
Categories: Economic

Link: http://www.reuters.com/article/2015/06/15/us-eurozone-greece-idUSKBN0OS0E020150615

Greece and its creditors hardened their stances after collapse of talks aimed at preventing default, possible euro exit, Germany's EU commissioner:time had come to prepare for a "state of emergency". Prime Minister Alexis Tsipras: his government would resist demands for further pension cuts.

Ukraine to get new IMF loans despite inability to repay private lenders

June 14th, 2015
Categories: Economic

Link: http://www.blacklistednews.com/Ukraine_to_get_new_IMF_loans_despite_inability_to_repay_private_lenders/44552/0/38/38/Y/M.html

Despite the state of the Ukrainian economy, IMF said it will continue to lend money to Ukraine, so Kiev can complete economic restructuring. "In the event that a negotiated settlement with private creditors is not reached and the country determines that it cannot service its debt, the Fund can lend to Ukraine consistent with its Lending-into-Arrears Policy," IMF Managing Director Christine Lagarde.

Los Angeles mayor signs $15/hour minimum wage hike into law

June 14th, 2015
Categories: Economic

Los Angeles Mayor Eric Garcetti on Saturday signed a law hiking the city’s minimum wage from $9 an hour to $15 by 2020, an increase that will affect hundreds of thousands of workers. Garcetti, speaking in English and Spanish, told a crowd of hundreds at the signing event he wanted to lift city’s lowest-paid workers out of poverty.

West sanctions drove Moscow to turn to Asia: Medvedev

June 13th, 2015
Categories: Economic

Link: http://www.presstv.ir/Detail/2015/06/12/415487/Russia-West-sanction-Ukraine

Russian Prime Minister Dmitry Medvedev thanked the West for the sanctions it has imposed on the country, saying the bans have encouraged Moscow to improve ties with its Asian partners.“In economic terms, of course, all the sanctions that have been placed on us have inspired us to cooperate more actively with Asian countries. Thank you very much to all those states that have adopted them.”

Russia interested in further cooperation with Azerbaijan businesses - Putin

June 13th, 2015
Categories: Economic

Link: http://tass.ru/en/economy/800516

President Vladimir Putin: Russia is interested in further expanding of cooperation with Azerbaijan’s businesses, including in the food market. In 2014, trade turnover between Russia and Azerbaijan grew by over 12%, first quarter of the current year growth was 6%. I would like to stress, we are happy about it," Putin said, if this cooperation expands, it would be even better, we are interested in it.

Iceland Recovering Fastest in Europe After Jailing Bankers Instead of Bailing them Out

June 13th, 2015
Categories: Economic

Link: http://www.activistpost.com/2015/06/iceland-recovering-fastest-in-europe.html

Iceland suffered a heavy hit in the 2008-2009 financial crisis, which resulted in convictions, jail terms for top banking executives. IMF says the country managed to achieve economic recovery“without compromising its welfare model, includes universal healthcare and education. Iceland to “surpass its pre-crisis peak of economic output proving bailing out “too big to fail” banks wasn’t the way to go.

House Rejects Obama's Corporate-Friendly Trade Deal In Stunning Defeat

June 13th, 2015
Categories: Economic, Politics

Link: http://www.alternet.org/news-amp-politics/house-rejects-obamas-corporate-friendly-trade-deal-stunning-defeat

U.S. House of Representatives rejected Trade Adjustment Assistance provision of TPP, first in a series of trade bills designed to lessen the blow of potential negative effects resulting from broader Trans-Pacific Trade deal. Number of Democrats broke ranks, voted against party leadership,

Christie: Debt-free college is 'wrong

June 13th, 2015
Categories: Economic

Link: http://www.democraticunderground.com/10141116925

New Jersey Gov. and Republican presidential contender Chris Christie; proposed “a system where we all need to take personal responsibility to grasp the opportunities in higher education, but also one where we can get a leg up when we need it.”Debt-free college, Christie said, is not the answer.“That is a typical liberal approach. It is wrong,.”

As Currency Dies, Zimbabweans Will Get $5 for 175 Quadrillion Zimbucks

June 12th, 2015
Categories: Economic

Link: http://www.cryptogon.com/?p=46761

Zimbabwean dollar ruined by hyper-inflation, which hit 500 billion percent in 2008. Zimbabweans had to carry plastic bags bulging with bank notes to buy basic goods like bread. Prices were rising at least twice a day. Government discards its worthless national currency, convert to dollars. Highest and last bank note was 100 trillion Zimbabwean dollars, not enough to ride a public bus.

Dinosaur media tells Americans they shouldn’t know about TPP because it’s “Too Difficult to Understand.”

June 12th, 2015
Categories: Economic

Link: http://govtslaves.info/dinosaur-media-tells-americans-they-shouldnt-know-about-tpp-because-its-too-difficult-to-understand/

The document is classified. Only Congress and staffers with security clearance can access it. They can’t make copies or carry handwritten notes out the door. Leaders of countries involved don’t want details revealed until completed. Trans-Pacific Partnership is a 12-nation deal that would link 40% of world’s economy including United States, Japan, Australia, Canada and Mexico. Obama: deal will be available for all to review once it’s done.

Greece to Submit Counter-Proposals on Bailout Plan to Creditors

June 12th, 2015
Categories: Economic

Link: http://sputniknews.com/business/20150612/1023291190.html

Greece in talks with its international creditors to secure additional financial aid before current bailout plan expires June 30. "The Greek side is ready to submit counter-proposals to overcome remaining differences, as it was agreed in Brussels at meeting between [Greek] prime minister and leaders of Germany and France, as well as head of the European Commission [Jean-Claude] Juncker.

House passes Obama's 'fast-track' authority to negotiate trade deal

June 12th, 2015
Categories: Economic

Link: http://rt.com/usa/266863-tpp-pass-house-obama/

The Trade Promotion Authority (TPA), as the “fast-track” powers are officially called, passed by a vote of 219-211, giving President Obama unlikely victory. In a preceding vote, the House struck down a proposal to extend the Trade Adjustment Assistance (TAA) program, providing assistance to workers who would lose jobs as a consequence of trade deals.

Europe Gives Greece 24 Hours To Comply; Germany Draws Up Capital Control Plans

June 12th, 2015
Categories: Economic

Link: http://www.zerohedge.com/news/2015-06-11/europe-gives-greece-24-hours-comply-germany-draws-capital-control-plans

Greek delegate told by EU officials that a list must includes reform on pension and VAT. German government holding "concrete consultations" on what to do in the case of a bankruptcy of the Greek state, debt haircut for Greece being discussed. EU didn’t specifically say what would happen to Greece if there was no plan presented tomorrow.

US Refrains From Prohibiting Companies to Attend Russia's Economic Forum

June 11th, 2015
Categories: Economic

Link: http://sputniknews.com/politics/20150612/1023258488.html

The United States will not attempt to prevent its entrepreneurs from traveling to Russia for the St. Petersburg International Economic Forum 2015, Two executives from US companies with operations in Russia reportedly said government officials told them there would be "no punishment" if the companies attended the forum.

Montana Republican: Noah was 600 years old when he built the Ark, so why do Americans need retirement?

June 11th, 2015
Categories: Economic

Link: http://www.rawstory.com/2015/06/montana-republican-noah-was-600-years-old-when-he-build-the-ark-so-why-do-americans-need-retirement/

Greg Gianforte, tech millionaire, Republican governor of Montana: urges college students to reject policy that favors savings plans and retirement options because, like Noah, Christians have “an obligation to work” until they are hundreds of years old. “There’s nothing in the Bible that talks about retirement. Noah was 600 when he built the Ark. He wasn’t cashing Social Security checks.

Farmers Are Starting to Ditch GMO Soybeans

June 11th, 2015
Categories: Economic

Link: http://naturalsociety.com/farmers-are-starting-to-ditch-gmo-soy-beans/

Roundup Ready variety of soybeans might cost $65 to $70 a bag, and conventional, non-GMO varieties are $30 to $35 a bag, consumers in the US and other countries refuse to eat genetically modified food.

Greek exit would trigger eurozone collapse, says Alexis Tsipras

June 10th, 2015
Categories: Economic

Link: http://www.theguardian.com/business/2015/jun/09/greek-exit-would-trigger-eurozone-collapse-says-alexis-tsipras

Alexis Tsipras warns that failure to agree a rescue deal for Greece the end of the eurozone, submitted a revised package of reforms to negotiators in Brussels. Europe’s leaders would have a bigger disaster on their hands because “it will be the the end of the eurozone”.

Retirees Say Pensions Slashed By As Much As 75% After Miscalculation

June 10th, 2015
Categories: Economic

Link: http://govtslaves.info/retirees-say-pensions-slashed-by-as-much-as-75-after-miscalculation/

Some former government employees are being forced to take a massive cut to their pensions years after retiring, because of what the organization in charge of calculating and administering the benefits says was a mistake that led to overpayments. Encouraged those retirees to sign a document agreeing not to talk about it.

Watch America’s Student-Loan Debt Grow $3,055 Every Second

June 10th, 2015
Categories: Economic

Link: http://govtslaves.info/watch-americas-student-loan-debt-grow-3055-every-second/

Skyrocketing college costs, cuts to public funding for higher education, stagnant incomes, growth in college-going population largely to blame for uptick in outstanding student loans over the past decade. 40 million Americans carrying some student loans, about 70% of students graduate college with debt.

50 U.S. Hospitals Mark Up Prices 1000 Percent For Some Patients

June 10th, 2015
Categories: Economic

Link: http://govtslaves.info/50-u-s-hospitals-mark-up-prices-1000-percent-for-some-patients/

Fifty hospitals in the United Statescharging uninsured consumers more than 10 times actual cost of patient care, according to research published Monday. All but one of the facilities owned by for-profit entities, largest number — 20 — are in Florida. Hospitals with highest markups not in pricey neighborhoods or big cities.

New Jersey Supreme Court sides with Christie on pensions

June 9th, 2015
Categories: Economic

Link: http://www.democraticunderground.com/10141113512

New Jersey state Supreme Court sided with Gov. Chris Christie against public-worker unions over pensions, preserving major cuts to stave off a budget crisis. Said there wasn't an enforceable contract to ensure full payments to workers, as unions had argued there was.

You Have Two Choices Folks

June 9th, 2015
Categories: Economic

Link: http://www.thedailysheeple.com/you-have-two-choices-folks_062015

Medical system in this country is a racket. In virtually any other industry the routine practices in this “industry” and the associated “insurance” industry with it would be considered felonies at both a state and federal level, implicating RICO, The Sherman, Clayton and Robinson-Patman acts at the federal level and consumer-protection laws in the states.

Russia to export 1.3mn ton grain to Iran

June 8th, 2015
Categories: Economic

Link: http://www.presstv.com/Detail/2015/06/08/414901/IRAN-RUSSIA-GRAIN-DELIVERY

Russiahas started shipping grain supplies to Iran. Alexey Alexeyenko, Federal Service for Veterinary and Phytosanitary Surveillance: 100,000 ton cargo got underway a few days ago. Will ship 1.3 million tons of grain to Iran this year. Iran Petroleum Minister Bijan Zangeneh; Russia will import crude from Iran in exchange for cash.

White House Admits Economies Of European Allies Crippled By Russian Sanctions

June 8th, 2015
Categories: Economic

Link: http://www.zerohedge.com/news/2015-06-08/white-house-admits-economies-european-allies-crippled-russian-sanctions

Josh Earnest, White House press secretary, said yesterday: commitment required by our European partners to implement, maintain sanctions is significant. They have economies more integrated with Russia than United States , many of the countries we’re counting on to continue to enforce sanctions do so at some sacrifice to their economy.

Four Ways Student Loans Could Cripple The U.S. Economy

June 8th, 2015
Categories: Economic

Link: http://govtslaves.info/four-ways-student-loans-could-cripple-the-u-s-economy/

Older workers working longer saddled with huge debt, less in savings. Student loans kill prospect of saving. A decline in home sales; less employment, fewer purchases of goods and services that go into homes. Government financing of the loans one of largest potential costs for U.S. taxpayers.

All G7 Leaders Want Greece to Remain in Eurozone – Merkel

June 8th, 2015
Categories: Economic

Link: http://sputniknews.com/europe/20150608/1023094921.html

German Chancellor Angela Merkel; all the leaders of the G7 group, comprising France, the United Kingdom, Italy, Germany, Japan, United States and Canada, would like Greece to remain in the Eurozone. Speculations about Greece’s possible exit from eurozone intensified amid country’s ongoing financial crisis, doubts on whether the country would be able to settle its $350 billion debt to creditors.

Soros Pushes US Bailouts and Weapons for Ukraine - Video

June 8th, 2015
Categories: Economic

Link: http://www.blacklistednews.com/Soros_Pushes_US_Bailouts_and_Weapons_for_Ukraine/44408/0/38/38/Y/M.html

Soros: Federal Reserve could be asked to extend $15 billion swap arrangement with National Bank of Ukraine; reassure markets, avoid a panic. ”US should provide Ukraine “with same level of weapons to match opposing force. Military-industrial complex, bankers happy at prospect of weapons “sales” to Ukraine. American taxpayers will be forced to pay for it.

Billionaire Cartier Owner Sees Wealth Gap Fueling Social Unrest

June 8th, 2015
Categories: Economic

Link: http://www.bloomberg.com/news/articles/2015-06-08/billionaire-cartier-owner-sees-wealth-gap-fueling-social-unrest

South African Johann Rupert made billions selling Cartier jewelry, Chloe fashion. Tension between rich and poor is to escalate as robots, artificial intelligence fuel mass unemployment.“We cannot have 0.1 percent of 0.1 percent taking all the spoils,” “It’s unfair and it is not sustainable.”

Franken finds sandwich shop's noncompete rule ridiculous

June 8th, 2015
Categories: Economic

Link: http://www.democraticunderground.com/10026794735

Jimmy John’s sandwich shop's, other retailers requires workers to sign agreements they will not work for competitors if they leave their jobs. Sen.D-Minn Al Franken: those agreements "ridiculous." Workers often aren't told their jobs include restriction as condition of employment. Franken and Sen. Chris Murphy (D-Conn.) introduced Mobility and Opportunity for Vulnerable Employees - MOVE - Act to ban non-compete agreements for employees making less than $15 an hour.

Cameron to press for extending anti-Russian sanctions at G7 summit in Bavaria

June 7th, 2015
Categories: Economic

Link: http://tass.ru/en/economy/799298

British Prime Minister David Cameron will try to convince his European partners at G7 summit in Germany on Sunday of the need to continue stay united against Russia and not to ease economic pressure on Russia. The EU economic sanctions against the key enterprises of the Russian banking, oil and defense sectors are expiring in July.

Greece Explores BRICS Development Bank Membership – Deputy Defense Minister

June 7th, 2015
Categories: Economic

Link: http://wakeupfromyourslumber.com/greece-explores-brics-development-bank-membership-deputy-defense-minister/

Greece is considering membership in the BRICS New Development Bank (NDB), Greek Deputy Defense Minister Costas Isychos. Russia invited Greece to become the bank’s sixth member on May 11, discussions of Athens’ ascension into the NDB were not due to start until the BRICS summit in July.

US Hopes Greek Debt Crisis Settles Without Rocking Global Market

June 7th, 2015
Categories: Economic

Link: http://sputniknews.com/europe/20150607/1023064267.html

Greece and its international lenders should work out their disagreements without destabilizing the global financial market; White House spokesman Josh Earnest. Greece's national debt around $350 billion.

The Central Banks Are Losing Control of the Financial Markets

June 7th, 2015
Categories: Economic

Link: http://www.thedailysheeple.com/the-central-banks-are-losing-control-of-the-financial-markets_062015

Global central banks have been manipulating the financial marketplace with their monetary voodoo. “Volatility over the last days has been breathtaking, especially in bond markets,” sheer panic in the market from the standpoint of what’s been happening in Europe.

Poroshenko Hands Over Roshen Share to Rothschild Under Trust Deal

June 6th, 2015
Categories: Economic

Link: http://wakeupfromyourslumber.com/poroshenko-hands-over-roshen-share-to-rothschild-under-trust-deal/

Ukrainian President Petro Poroshenko confirmed on Friday his decision to sell his businesses and transfer his stake in the Roshen confectionery corporation under a trust agreement to the Rothschild Investment Company.

How the Retail Industry Keeps People of Color in Poverty

June 6th, 2015
Categories: Economic

Link: http://www.truth-out.org/news/item/31141-how-the-retail-industry-keeps-people-of-color-in-poverty

Erratic hours, on-call last-minute scheduling especially impact black workers, often “have longer commute times than White workers, leading to greater time and money costs when their shifts are cut short.” Lack of healthcare benefits, unmet childcare needs, intensifies poverty, further constrains workers’ ability to gain steady employment. Daycare might be unavailable when workers don’t know if they’ll be working until the day they are called in.

So Long Big Apple! Chinese Firms Look to Drop NYSE Listings, Return Home

June 6th, 2015
Categories: Economic

Link: http://sputniknews.com/us/20150606/1023007061.html

A number of Chinese tech firms are looking to drop their listings in New York and return home to Beijing, where stock markets are surging. They also hope to avoid being ensnared in a legal mess when Beijing formally outlaws foreign shareholder control of firms in protected tech sectors.

40% Of US Workers Now Earn Less Than 1968 Minimum Wage

June 6th, 2015
Categories: Economic

Link: http://www.newsforage.com/2015/06/40-of-us-workers-now-earn-less-than.html

In 1968 minimum wage in the United States was $1.60 an hour. Using the inflation calculator that the Bureau of Labor Statistics provides, $1.60 in 1968 is equivalent to $10.74 today. 76.7 percent of the jobs that have been “created” in the U.S. this year have been part-time jobs.

Greece turns to Russia: Tsipras will meet Putin on 18 June

June 6th, 2015
Categories: Economic

Link: http://investmentwatchblog.com/greece-turns-to-russia-tsipras-will-meet-putin-on-18-june/

Greek Prime Minister Alexis Tsipras will meet Vladimir Putin on 18 June, fuelling fears that Athens might seek a deal with Moscow that would circumvent EU sanctions on Russia. Athens is looking to receive €5bn (£3.65bn, $5.55bn) in advance payments from Russia by agreeing to become a central hub for a Russia-Europe gas pipeline.

The "Illegal Immigrant" Recovery? The Real Stunner In The Jobs Report

June 6th, 2015
Categories: Economic

Link: http://www.zerohedge.com/news/2015-06-06/illegal-immigrant-recovery-presenting-most-stunning-number-may-jobs-report

Establishment Survey reported an increase of 280K jobs, Two thirds of all jobs, were low-paying, low-quality jobs, primarily teachers, retail, temp help and waiters. Number of self-employed workers soared by 350K.

Visa, MasterCard fully switch to Russian processing

June 6th, 2015
Categories: Economic

Link: http://tass.ru/en/economy/799164

International payment operators Visa and MasterCard have fully transferred their transactions inside Russian to processing in the National System of Payment Cards (NSPC), two top managers of Russia's Central Bank said on the sidelines of the International Banking Congress on Friday.

Greece will not accept ‘absurd’ proposal from Troika

June 6th, 2015
Categories: Economic

Link: http://rt.com/business/265360-greece-creditors-accept-proposal/

Greek Prime Minister Alexis Tsipras said in a speech to parliament on Friday that his country cannot accept the “unrealistic” proposals set by its lenders that did not include a promise of debt relief.

CHINA HOARDING OIL – China is Cashing In on Cheap Crude Oil

June 6th, 2015
Categories: Economic

Link: http://investmentwatchblog.com/china-hoarding-oil-china-is-cashing-in-on-cheap-crude-oil/

The world’s second largest consumer of oil after the U.S. began building its strategic reserves a decade ago, recently stepped up construction of storage facilities. China aims by 2020 to squirrel away 100 days of net imports, according to state media. At current rates of imports, that would mean 600 million barrels of crude oil.

South Carolina becomes first US state to take action against anti-Israel boycotts

June 6th, 2015
Categories: Economic

Link: http://www.redicecreations.com/article.php?id=33463

The bill makes no mention of Israel directly, but prevents public entities from contracting with businesses engaging in the “boycott of a person or an entity based in or doing business with a jurisdiction with whom South Carolina can enjoy open trade.”

Massive Manipulation: "Real Producers and Consumers Don’t Appear to be Represented"

June 6th, 2015
Categories: Economic

Link: http://www.activistpost.com/2015/06/massive-manipulation-real-producers-and.html

Long reported that the money changers operating within the halls of our most hallowed and influential financial institutions have been manipulating everything from stocks and bonds to housing prices and commodities. We can ignore reality, but we cannot ignore the consequences of ignoring reality.

Greek Banks On Verge Of Total Collapse: Bank Run Surges "Massively" As Depositors Yank €700 Million Today Alone

June 6th, 2015
Categories: Economic

Link: http://www.zerohedge.com/news/2015-06-05/greek-banks-verge-total-collapse-bank-run-surges-massively-depositors-yank-%E2%82%AC700-mill

From bad to horrible for Greek banks, when Greeks "responded with massive outflows to the Greece's government decision to bundle the four tranches to IMF into one by the end of the June." Total net outflows in last 7 business days estimated 3.4 billion Euros threatening the stability of the Greek banks.

Bill would limit efforts to recoup Medi-Cal costs from patients' estates Bill would limit efforts to recoup Medi-Cal costs from patients' estates

June 5th, 2015
Categories: Economic

Link: http://www.democraticunderground.com/10141111004

State's Medi-Cal program long looked to estates and heirs of deceased Californians to recoup public money spent on their healthcare, suing survivors and filing liens against the homes of poor families. Senate Bill 33 would limit state's ability to go after homes "of modest value," allow survivors hardship exemptions for homes with market value 50% or less of average. Prohibit seeking money from estates of surviving spouses.

Introducing The Zero Labor Factory (90% Free Actually); Robots At Chili’s, Applebees, Panera

June 5th, 2015
Categories: Economic

Link: http://govtslaves.info/introducing-the-zero-labor-factory-90-free-actually-robots-at-chilis-applebees-panera/

China Daily reports Manufacturing Hub Starts Work on First Zero-Labor Factory. Panera Bread to introduce self-service ordering kiosks, Chili’s and Applebee’s to place tablets on their tables, allowing diners to order and pay without interacting with human wait staff.

Putin: 12 more countries interested in working with SCO

June 4th, 2015
Categories: Economic

Link: http://rt.com/politics/264633-russia-sco-weight-putin/

President Vladimir Putin: Russia-led Shanghai Cooperation Organization is gaining more weight with a dozen new nations showing interest in cooperation; studying possibility of accepting India, Iran and Pakistan into the bloc. Soviet republics of Kazakhstan, Tajikistan, Uzbekistan and Kyrgyzstan, all are Russia’s allies in trade, politics and defense.

Russia is not out to return to G8 — deputy FM

June 4th, 2015
Categories: Economic

Link: http://tass.ru/en/russia/798937

Russian Deputy Foreign Minister Sergey Ryabkov: Russia never left G8. It’s our G8 partners who left the Russian presidency last year. "We have much more interest in other formats; the G8 format was not always productive "It is much more interesting to work in BRICS and G20.

In Brussels talks, Greece moves closer to austerity deal with EU

June 4th, 2015
Categories: Economic

Link: http://www.wsws.org/en/articles/2015/06/04/gree-j04.html

Greek Prime Minister Alexis Tsipras announced yesterday that Athens was close to a deal on the austerity measures demanded by the European Union (EU) and the banks. EU authorities still negotiating size of pension cuts and increases in Tax VAT, or sales taxes.

French Telecoms Giant May Break Contract With Israel Due to Law Violation

June 4th, 2015
Categories: Economic

Link: http://sputniknews.com/business/20150604/1022959215.html

French telecommunications company Orange S.A. is planning to stop its relationship with Israeli mobile operator Partner. The reasons for this are Israel’s violations of international law and its expansionist policy.

Greece Unable To Make €300 Million IMF Payment, Requests "Bundling"

June 4th, 2015
Categories: Economic

Link: http://www.zerohedge.com/news/2015-06-04/greece-unable-make-%E2%82%AC300-million-imf-payment-requests-bundling

Greece will not make Friday’s €300 million payment to the IMF and will instead request to have the payments bundled so as to buy PM Alexis Tsipras a few extra weeks to negotiate a deal and pass an agreement through parliament.

The College Commencement Speech Every Graduate Needs To Hear

June 3rd, 2015
Categories: Economic

Link: http://www.zerohedge.com/news/2015-06-03/college-commencement-speech-every-graduate-needs-hear

Apple's CEO when he spoke to students at George Washington: you are graduating with a mortgage but no house, those who majored in gender studies, film deconstruction, or any of today's academic fads, do not bother looking for a job. You have been saddled with debt and bad ideas. Good luck.

This Is How The IMF Just Lost Its Last Shred Of Credibility

June 3rd, 2015
Categories: Economic

Link: http://www.zerohedge.com/news/2015-06-03/how-imf-just-lost-its-last-shred-credibility

IMF's research department: as long as countries can fund themselves at a reasonable cost via capital markets, they should consider simply “living with high debt”: policies to deliberately pay down debt are undesirable. Distorting your economy to deliberately pay down the debt only adds to the burden of the debt, rather than reducing it.

IRS awards tax exempt status to the First Church of Cannabis

June 3rd, 2015
Categories: Economic

Link: http://www.rawstory.com/2015/06/irs-awards-tax-exempt-status-to-the-first-church-of-cannabis/

IRS approved 501(c)(3) status, which will allow individual federal tax write-offs for people who make charitable donations to the church. Members of the First Church of Cannabis believe that smoking marijuana is a religious observance. In Indiana, the use of marijuana is illegal for recreational or medical purposes.

Venezuela's economy is imploding

June 3rd, 2015
Categories: Economic

Link: http://www.democraticunderground.com/10141108827

The country's currency lost nearly half its value since beginning of May, according to dolartoday.com, a website that tracks the unofficial exchange rate. Venezuela relies on oil exports to support its economy, which was already under pressure before oil prices tanked.

As Planet Warms, Oceans Face Threatening Changes Unseen in 3 Million Years

June 2nd, 2015
Categories: Economic

Link: http://www.commondreams.org/news/2015/06/02/planet-warms-oceans-face-threatening-changes-unseen-3-million-years

Continued warming of oceans may trigger disruptions to marine life not seen in 3 million years; journal: Nature Climate Change. Among the changes: extinction of ocean's keystone species, widespread influx of invasive plants and animals particularly in "temperate and polar biomes." May reorganize marine diversity over large regions, ultimately impact humans, food web may become uncoupled."

Seniors losing homes to foreclosure - Video

June 2nd, 2015
Categories: Economic

Link: http://patriotrising.com/2015/06/02/seniors-losing-homes-to-foreclosure/

Millions straining to make house payments. 30 percent of homeowners 65 and older (6.5 million people) were paying a mortgage in 2013, up from 22 percent in 2001. People 75 and older carrying home loans jumped from 8 percent in 2001 to 21 percent in 2011. Among homeowners 50 and older, foreclosure rates highest for those 75 and up.

Wayne Co. may ask taxpayers to shore up pension fund

June 2nd, 2015
Categories: Economic

Link: http://www.freep.com/story/news/local/michigan/wayne/2015/06/02/wayne-county-weighs-tax-hike/28352835/

Several Wayne County Commissioners pushed against a plan to levy a one-time property tax assessment as part of residents' summer tax bills to cover $49 million owed to employee retirement system. Wayne County Executive Warren Evans: county has $52-million structural deficit, "grossly" underfunded pension system, could run out of money next year.

A THIRD OF TODAY’S CAR BUYERS ARE LOCKING THEMSELVES INTO LOANS THAT RUN UNTIL AT LEAST 2021

June 2nd, 2015
Categories: Economic

Link: http://investmentwatchblog.com/a-third-of-todays-car-buyers-are-locking-themselves-into-loans-that-run-until-at-least-2021/

Factory orders declined eight of the last nine months. Consumer goods-related equipment fell by varying amounts. Business inventories remain at near-record high levels. Money borrowed and spent today comes at the expense of spending that might otherwise have happened tomorrow. Auto industry’s strength, driven by long-term subprime lending, is actually a sign of weakness. These days even superficially good numbers are bad.

Greece Faces Moment Of Truth: Troika To Present Final Offer On Wednesday

June 2nd, 2015
Categories: Economic

Link: http://www.zerohedge.com/news/2015-06-02/greece-faces-moment-truth-troika-present-final-offer-wednesday

Tsipras, who vowed not to surrender to more austerity, tried to pre-empt a take-it-or-leave-it offer by the creditors, sending what he called a comprehensive reform proposal to Brussels. Greek government official said Athens would make a 300 million euro repayment to the IMF Friday if there was an agreement with the creditors, hinting it might otherwise withhold the money without saying so explicitly.

Turnover between Russia and Slovakia down 40% in 3 months — Slovak PM

June 2nd, 2015
Categories: Economic

Link: http://tass.ru/en/economy/798221

Prime Minister of Slovakia Robert Fico: Russia and Slovakia should make an effort to enhance economic cooperation, past three months turnover between the two countries fell by 40%, need to overcome the negative factors in our trade and economic relations.

Medvedev promises symmetrical response if new anti-Russian sanctions are introduced

June 2nd, 2015
Categories: Economic

Link: http://rt.com/politics/264277-russia-sanctions-reciprocity-symmetrical/

The Russian prime minister has warned EU officials that if they decide to tighten the regime of sanctions aimed against Russia, an equivalent reply would follow inevitably. Moscow might lift the embargo on foodstuffs from certain foreign countries if West lifts its anti-Russia sanctions.

China & South Korea to lift tariffs on 90% of products

June 1st, 2015
Categories: Economic

Link: http://english.cntv.cn/2015/06/01/VIDE1433139842157327.shtml

Bilateral FTA covers 17 sectors, including e-commerce, government procurement, will remove tariffs on 90 percent of all products traded between China and South Korea. South Korea has surpassed Japan as a bigger trading partner for China.

Maduro rules out dollarizing Venezuela’s economy

June 1st, 2015
Categories: Economic

Link: http://www.stabroeknews.com/2015/news/regional/05/28/maduro-rules-out-dollarizing-venezuelas-economy/

Maduro: “In Venezuela, there has not been nor will there be dollarization. Our currency, proudly, is and will forever be the bolivar.” Inflation last year was 68 percent, economists predicting three-digit price rises this year.

The War on Cash: Your Deposit at the Bank Can be Converted to Equity If a Crisis Hits

June 1st, 2015
Categories: Economic

Link: http://www.blacklistednews.com/The_War_on_Cash%3A_Your_Deposit_at_the_Bank_Can_be_Converted_to_Equity_If_a_Crisis_Hits/44270/0/38/38/Y/M.html

The financial system is predominantly comprised of digital money. Actual physical Dollars bills and coins amount to $1.36 trillion, a little over 10% of the $10 trillion sitting in bank accounts; a tiny fraction of the $20 trillion in stocks, $38 trillion in bonds and $58 trillion in credit instruments floating in the system. If a significant percentage of people moved their money into physical cash, it could quickly become a systemic problem.

Greek Default, Deposit Blocks, New Government "May Be Necessary" To End Impasse, Goldman Says

June 1st, 2015
Categories: Economic

Link: http://www.zerohedge.com/news/2015-06-01/greek-default-deposit-blocks-new-government-may-be-necessary-end-impasse-goldman-say

Euro exit is a political decision. the Greek authorities could decide to exit in a unilateral manner. But the current Greek government has no mandate to do so. There is no process for Euro exit defined in the governing European treaties; the practical and legal challenges could not be resolved overnight.

Warning: Stocks Will Collapse by 50%

May 31st, 2015
Categories: News, Economic

Link: http://www.newsmax.com/Finance/MKTNews/Stock-Collapse-Crash-Alert/2014/09/23/id/596321/

It is only a matter of time before the stock market plunges by 50% or more, according to several reputable experts. “We have no right to be surprised by a severe and imminent stock market crash,” explains Mark Spitznagel, a hedge fund manager who is notorious for his hugely profitable billion-dollar bet on the 2008 crisis. “In fact, we must absolutely expect it."

Banks closing along the Mexican border

May 31st, 2015
Categories: Economic

Link: http://investmentwatchblog.com/banks-closing-along-the-mexican-border/

As more money continues to flow into the pockets of Mexican drug cartels, traffickers need to maintain a solid network of places—often along the southwest border—where they can launder drug money. However, in an attempt to stymie these efforts, several major US banks have been closing numerous branches in the region and shutting down hundreds of customer accounts.

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