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OECD report: Global social inequality hits new record

May 23rd, 2015
Categories: Economic

Link: http://www.wsws.org/en/articles/2015/05/23/econ-m23.html

Income inequality in many developed countries has reached an all-time high, report released Thursday by the Organization for Economic Co-operation and Development, growth of social inequality accompanied by the growth of part-time and contingent labor, particularly for younger workers.

ObamaFail: Affordable Insurance Rates Set To Skyrocket 50%… Again

May 23rd, 2015
Categories: Economic

Link: http://www.activistpost.com/2015/05/obamafail-affordable-insurance-rates.html

Americans saw an immediate jump in their monthly health insurance premiums – up to a quadrupling for some families. Insurers in some states proposing rate boosts for plans sold under the federal health law: New Mexico, Health Care Service Corp. 51.6%, BlueCross BlueShield of Tennessee, 36.3% increase. CareFirst BlueCross BlueShield wants to raise rates 30.4% across its products.

Japan Announces $110 Bln for New Challenger to China's AIIB

May 23rd, 2015
Categories: Economic

Link: http://www.blacklistednews.com/Japan_Announces_%24110_Bln_for_New_Challenger_to_China%27s_AIIB/44107/0/38/38/Y/M.html

Japanese Prime Minister Shinzo Abe unveiled a new plan to create an infrastructure finance bank on Thursday, following recent announcements from China about the institution of the Beijing-based Asian Infrastructure Investment Bank, and the BRICS New Development Bank.

Time To Get Real About China

May 23rd, 2015
Categories: Economic

Link: http://www.zerohedge.com/news/2015-05-22/time-get-real-about-china

Chinese leadership appears to be trying to gain more control over the country’s economic system, while at the same time (re-)boosting the growth it has lost in recent years. A free market, in whatever shape and form, does not rhyme with the kind of control which the Communist Party has been used to for decades

Bank Of England Accidentally E-mails Top-Secret Brexit Plan To Newspaper!

May 22nd, 2015
Categories: Economic

Link: http://investmentwatchblog.com/bank-of-england-accidentally-e-mails-top-secret-brexit-plan-to-newspaper/

Bank of England officials secretly researching financial shocks that could hit Britain if there is a vote to leave the European Union in the forthcoming referendum. The Bank blew its cover when it accidentally emailed details of the project including how the bank intended to fend off any inquiries about its work – direct to the Guardian.

Obscure Government Document Shows Elizabeth Warren Is Right About TPP

May 22nd, 2015
Categories: Economic

Link: http://www.alternet.org/obscure-government-document-shows-elizabeth-warren-right-about-tpp

United States already trades heavily with the other 11 nations included in the TPP talks. Senator Elizabeth Warren (D-MA) critical of Investor State Dispute Settlement provisions, which would empower corporations to use international courts to sue U.S. government and others enacting regulations and protections that harm their profits.

Tick-Tack, the Greek time bomb is about to go off as the last meeting didn’t end well

May 22nd, 2015
Categories: Economic

Link: http://investmentwatchblog.com/tick-tack-the-greek-time-bomb-is-about-to-go-off-as-the-last-meeting-didnt-end-well/

International Monetary Fund has estimated Greece has until June 5th before it runs out of any money, leaders of Greece, the EU and Eurozone have two more weeks to make the final tranche of 7.2B EUR of emergency funding available, or the consequences might be disastrous.

Why the $5.7 Billion Dollar Fine on Big Banks Is Actually a Joke

May 22nd, 2015
Categories: Economic

Link: http://www.thedailysheeple.com/why-the-5-7-billion-dollar-fine-on-big-banks-is-actually-a-joke_052015

$5.7 billion dollars is nothing compared to the $40.24 billion net income that banks earned in the second quarter of 2014 alone. It was the second highest profit total in the last 23 years, surpassed only by 2013. Further, the fines are nothing compared to the trillions of dollars in bailouts that banks received at the outset of the financial crisis

China’s premier pledges to boost economic ties with Colombia

May 22nd, 2015
Categories: Economic

Link: http://www.scmp.com/news/china/diplomacy-defence/article/1806735/chinas-premier-pledges-boost-economic-ties-colombia

Premier Li Keqiang; highest-ranking official from China to visit Colombia since the two nations established diplomatic ties 35 years vowed to deepen economic ties with Colombia during a four-nation South American tour aimed at boosting trade and investment between the two countries. China is Colombia’s second-biggest trading partner.

In No State Can A Minimum Wage Worker Afford A One Bedroom Apartment

May 22nd, 2015
Categories: Economic

Link: http://www.zerohedge.com/news/2015-05-22/no-state-can-minimum-wage-worker-afford-one-bedroom-apartment

In 21 out of the 26 OECD member countries that have a minimum wage, working 40 hours per week at the pay floor would not be sufficient to keep one's family out of poverty. In no state can a minimum wage worker afford a one bedroom apartment.

Hedge Fund Manager Compares Paying More Taxes to the Holocaust

May 22nd, 2015
Categories: Economic

Link: http://www.alternet.org/hedge-fund-manager-compares-paying-more-taxes-holocaust

Venture capitalist Tony Perkins: treatment of wealthy Americans today is like Jews in Nazi Germany. Rhetoricclass warfare; financial speculators were unfairly blamed by politicians.

Guest Post: This October The World Will Change - "China Is Preparing For Something Big" - Video

May 22nd, 2015
Categories: Economic

Link: http://www.zerohedge.com/news/2015-05-21/october-world-will-change-china-preparing-something-big

The world has an unease about the dollar system… President Hu of China:‘the dollar is a product of the past.’ The headlines for gold these past few years have only focused on physical gold accumulation by China, Russia and Eastern central banks. China is buying gold mines at a record. U.S. Treasury Secretary Jack Lew: “China isn’t ready for currency reserve status.

New Jersey May Not Be Able to Find Money for Pension Payment This Year, State Officials Say

May 21st, 2015
Categories: Economic

Link: http://www.blacklistednews.com/New_Jersey_May_Not_Be_Able_to_Find_Money_for_Pension_Payment_This_Year%2C_State_Officials_Say_/44089/0/38/38/Y/M.html

David Rosen, legislative budget and finance officer; Office of Legislative Services, told Senate Budget and Appropriations Committee would be nearly impossible for state to scrape together $1.57 billion before end offiscal year in June if that’s what Supreme Court rules in legal battle over pension funding.

Obama's trade bill narrowly clears a key Senate hurdle - Video

May 21st, 2015
Categories: Economic

Link: http://bigstory.ap.org/article/b2f1e9a87dd34293809422b18b46209f/obamas-trade-allies-scramble-line-60-senate-votes

Sweeping legislation to strengthen the administration's hand in global trade talks advanced toward Senate passage Thursday after a showdown vote. Obama predicting trade deal would "open up access to markets that too often are closed."Final Senate passage would clear the way for a fierce struggle in the House.

San Bernardino’s council approved a bankruptcy exit plan on Monday night that seeks to virtually eliminate the southern California city’s pension bond debt while paying Calpers, the state pension system, in full.

May 21st, 2015
Categories: Economic

Link: http://investmentwatchblog.com/san-bernardinos-council-approved-a-bankruptcy-exit-plan-on-monday-night-that-seeks-to-virtually-eliminate-the-southern-california-citys-pension-bond-debt-while-paying-calpers-the-state-pension-sy/

City officials want to slash their $50 million pension debt to a penny on the dollar. City agreed to pay Calpers, its biggest creditor, in full an agreement incorporated into the plan.

Greek health workers, journalists, pensioners strike against austerity

May 21st, 2015
Categories: Economic

Link: http://rinf.com/alt-news/newswire/greek-health-workers-journalists-pensioners-strike-austerity/

Among demands of the workers are the employment of more staff and the payment of unpaid wages. Syriza seeking to finalise agreement for a continuation of austerity with the the European Union, European Central Bank and International Monetary Fund.

May 21st, 2015
Categories: Economic

Link: http://tass.ru/en/economy/796131

Russia’s food embargo not to be lifted soon; Minister of Agriculture Alexander Tkachev. The domestic agribusiness will significantly improve its competitiveness by the time of abolishing Russia’s response measures of the food embargo against Western sanctions.

China Becomes Second Stock Market Superpower – German Newspaper

May 21st, 2015
Categories: Economic

Link: http://sputniknews.com/asia/20150521/1022430136.html

Chinese stock market will finally open to the outside world raises concerns among Americans as China is likely to become a very attractive place for major investors, creating a new global center of stock trading comparable to Wall Street.

In India, Gold Is Not Only Money But Now Pays Interest

May 20th, 2015
Categories: Economic

Link: http://www.zerohedge.com/news/2015-05-20/india-gold-not-only-money-now-pays-interest

Gold monetisation scheme, India's FinMin Arun Jaitley released bank guidelines on interest rates, reserve and liquidity ratios; allow individuals deposit minimum of 30 grams of gold with banks in return for interest payments. Will have to deposit gold for at least a year, banks may pay the interest after 30 or 60 days of the opening of the gold savings account, the proposal said. Interest and principal payable to depositors likely to be valued in gold, gains will be tax-free.

IRNA: Israel ordered to pay Iran $1.1 billion

May 20th, 2015
Categories: Economic

An Israeli oil company has been ordered by a Swiss court to pay $1.1 billion to Iran in compensation in a long-standing legal battle related to a joint venture before the Islamic Revolution.

Only one in four workers worldwide has a stable job

May 20th, 2015
Categories: Economic

Link: http://www.wsws.org/en/articles/2015/05/20/ilor-m20.html

The International Labor Organization World Employment and Social Outlook—Trends 2015 report found that three-quarters of workers are “employed on temporary or short-term contracts, in informal jobs often without any contract, under own-account arrangements or in unpaid family jobs.”

Elizabeth Warren Fires Back at Obama with New Report On Failed Trade Enforcement

May 20th, 2015
Categories: Economic

Link: http://www.alternet.org/labor/elizabeth-warren-fires-back-obama-new-report-failed-trade-enforcement

Senator Elizabeth Warren (D-MA) this week put out a new report pointing out that even in the trade agreements we currently have, the Obama administration and previous administrations have failed to enforce these labor standards.

Russia to Sue Ukraine if Moratorium on Foreign Debt Repayments Adopted

May 20th, 2015
Categories: Economic

Link: http://sputniknews.com/business/20150520/1022364643.html

Russia will turn to an international court if the Ukrainian president signs a moratorium on the repayment of foreign debt; Russian Finance Minister Anton Siluanov.

China to boost investment in Russia by 150% in 5yrs – official

May 20th, 2015
Categories: Economic

Link: http://rt.com/business/260357-russia-china-investment-economy/

China may more than double its investment in the Russian economy to $10 billion within 5 years if conditions are favorable; Deputy Secretary-General of the China Overseas Development Association He Zhenwei.

Russia broadens foods import from South America and Asia during food embargo

May 19th, 2015
Categories: Economic

Link: http://tass.ru/en/economy/795589

Malaysia, Thailand, Indonesia, Iran, Uruguay, Chile, Vietnam, Tunis, Serbia and Morocco are among countries that increased deliveries of their products to Russia.

Each Day Without Debt Deal Costs Greek Economy €22 Million And 613 Full-Time Jobs

May 19th, 2015
Categories: Economic

Link: http://www.zerohedge.com/news/2015-05-19/each-day-without-debt-deal-costs-greek-economy-%E2%82%AC22-million-and-613-full-time-jobs

The market is at a standstill, each day without a deal is one day closer to insolvency. Banking sector will run out of collateral by the end of next month, empty pensioner bank accounts. Every day average of 59 enterprises close, 613 jobs lost, market facing a cash crunch.

Ukraine creditor committee confirms no debt write-off

May 19th, 2015
Categories: Economic

Link: http://tass.ru/en/economy/795376

The committee of Western investors - holders of Ukraine’s sovereign bonds confirmed on Monday it does not accept the idea to write off a debt portion but hailed the effort of the Ukraine’s Ministry of Finance to expedite debt restructuring negotiations.

World Bank Ready to Cooperate With BRICS

May 19th, 2015
Categories: Economic

Link: http://sputniknews.com/business/20150519/1022299947.html

President of the WB Jim Yong bank is ready to cooperate with BRICS in various areas. BRICS New Development Bank was created in mid-2014 as an alternative to Western global financial institutions by Russia, Brazil, India, China and South Africa. The member states agreed to establish a $100-billion liquidity reserve to maintain the bank's financial stability.

The Secret Fed Paper That Advocated a "Carry Tax" on All Physical Cash

May 17th, 2015
Categories: Economic

Link: http://www.blacklistednews.com/The_Secret_Fed_Paper_That_Advocated_a_%22Carry_Tax%22_on_All_Physical_Cash/43971/0/38/38/Y/M.html

Fed published a paper in 1999 suggesting taxing physical cash using an expiration date if depositors aren’t willing to spend the money. Chase restricts borrowers from using cash to make payments on credit cards, mortgages, equity lines, and auto loans, storage of cash in its safe deposit boxes.

BRICS New Development Bank Aims to Open Coffers by Year-End

May 16th, 2015
Categories: Economic

Link: http://sputniknews.com/business/20150516/1022212182.html

The BRICS New Development Bank will be operational by end of 2015, or early 2016, membership open to all members of the United Nations, subject to agreement from the bank's board of governors; China's Vice Finance Minister Shi Yaobin. The bank is to have capital of $100 billion to fund infrastructure projects.

Greece Will Default On June 5 Without Deal, IMF Leaks

May 16th, 2015
Categories: Economic

Link: http://www.zerohedge.com/news/2015-05-16/greece-will-default-june-5-without-deal-imf-leaks

No breakthrough in negotiations between Greece and its creditors. Greece won’t cross its red lines in negotiations with international creditors just because time is pressing to close a deal; Prime Minister Alexis Tsipras. IMF reportedly refused to be a part of any new bailout for Greece.

Thousands March in Kiev Against Soaring Utilities Rates

May 16th, 2015
Categories: Economic

Link: http://sputniknews.com/europe/20150516/1022218894.html

Over five thousand people gathered Saturday morning in central Kiev to protest utilities prices. May 1, cold and hot water rates grew 71 percent, April 1, gas rates skyrocketed up 285 percent. Prices for transport, medicines and food grown between 50-200 percent.

IMF demands will make most Ukrainians homeless – Finance Minister of Ukraine

May 16th, 2015
Categories: Economic

Link: http://wakeupfromyourslumber.com/imf-demands-will-make-most-ukrainians-homeless-finance-minister-of-ukraine/

Requirements of International Monetary Fund will make majority of Ukrainians homeless; Minister of Finance, moratorium on forced evictions of debtors under economic crisis. People unable to pay utility bills, government of Yatsenyuk raised several times. Bill will make rates profitable for utility companies currently subsidized operating at low profit. Adoption of the law will allow to raise utility prices.

NEW WORLD RESERVE CURRENCY YUAN! $1 trillion of global reserves will switch into Chinese assets and China and Russia have been exchanging their U.S. dollar reserves and buying physical gold!

May 16th, 2015
Categories: Economic

Link: http://investmentwatchblog.com/new-world-reserve-currency-yuan-1-trillion-of-global-reserves-will-switch-into-chinese-assets-and-china-and-russia-have-been-exchanging-their-u-s-dollar-reserves-and-buying-physical-gold/

At least $1 trillion of global reserves will switch into Chinese assets if the International Monetary Fund endorses the yuan as a reserve currency this year, according to Standard Chartered Plc and AXA. People’s Bank of China officials have called for the IMF to include the yuan in its reserve basket which consists of the dollar, euro, pound and yen in a review later this year.

Five major banks to plead guilty to rigging currency markets

May 15th, 2015
Categories: Economic

Link: http://www.wsws.org/en/articles/2015/05/15/bank-m15.html

Five major international banks are expected to plead guilty as soon as next week to criminal charges in the US related to their deliberate manipulation of global foreign exchange markets, which allowed them to rake in billions of dollars at the expense of retirees, university endowments and municipalities, fines totaling several billions of dollars.

China to Allocate $50Bln to Brazil for Infrastructure Projects - Deputy FM

May 15th, 2015
Categories: Economic

Link: http://sputniknews.com/politics/20150515/1022163557.html

China is one of Brazil's major trading partners and regularly backs the country's initiatives and projects. Over the past 12 years, the trade turnover between the two countries has increased tenfold — from $8.3 billion in 2001 to $83.3 billion in 2013.

When Europe Gets Greece's Jingle Mail: Dealing With Default

May 15th, 2015
Categories: Economic

Link: http://www.zerohedge.com/news/2015-05-15/when-europe-gets-greeces-jingle-mail-dealing-default

The costs and consequences of Greece exiting the Eurozone may well dwarf the financial losses triggered by Greece's default. If Greece defaults and exits the Eurozone, the entire Eurozone project is at risk. What's to stop other member nations groaning under unpayable debt from defaulting?

India & China seal record 24 deals estimated at $10bn

May 15th, 2015
Categories: Economic

Link: http://rt.com/business/258965-china-india-record-deal/

Education, establishment of consulates, space exploration, mineral resources, railway systems and TV were among 24 intergovernmental agreements signed by India and China in Beijing.

Why 25,000 Detroit Residents Will Soon Have Their Water Turned Off

May 15th, 2015
Categories: Economic

Link: http://naturalsociety.com/why-25000-detroit-residents-will-soon-have-their-water-turned-off/

As many as 25,000 residents of Detroit citizens losing their water cut-offs, though they live next to a body of water that carry’s one-fifth of the world’s water supply. Water rates risen 119% in last decade.
Child welfare authorities take children from parents that had their water cut off in 2014.

China is launching a facility that allows the yuan’s value to be pegged against gold

May 14th, 2015
Categories: Economic

Link: http://investmentwatchblog.com/china-is-launching-a-facility-that-allows-the-yuans-value-to-be-pegged-against-gold/

A gold fixing facility exists in London, but China wants its own – reflecting its ambitions as a global financial player. The establishment of a China-based gold fix for the yuan also marginally undermines the dollar as the global benchmark currency,

Greeks vote to stay in the Euro with no new Troika measures. Now what?

May 14th, 2015
Categories: Economic

Link: http://investmentwatchblog.com/greeks-vote-to-stay-in-the-euro-with-no-new-troika-measures-now-what/

A referendum could bring the conflict to a head after months of inconclusive talks between Greece and its creditors that have exasperated Germany and other euro-area countries. Public support for economic reforms might lead Greece toward a deal, rejection could set the country on a path to leaving the euro.

China’s central bank cuts rate amid further signs of slowdown

May 13th, 2015
Categories: Economic

Link: http://www.wsws.org/en/articles/2015/05/13/chin-m13.html

China’s central bank cut interest rates third time in six months to counter economic slowdown, ease debt pressures on local government authorities and corporations. Official statement People’s Bank of China (PBOC): country’s economy was “still facing relatively big downward pressure.”“Rising debt size forcing China to use a lot of resources repaying and rolling over debt.

President: Serbia to maintain neutral position, to stay away from sanctions against Russia

May 13th, 2015
Categories: Economic

Link: http://tass.ru/en/world/794543

Serbian President Tomislav Nikolic: Serbia does not plan any sanctions against Russia; invited Russian companies to invest in the farming sector, said Serbian farmers could offer high-quality produce but were short of funds. "Cooperation in that sphere could bring huge benefits to both countries."

Aim of TTIP Is to Create Economy of Big Corporations - Spanish Official

May 13th, 2015
Categories: Economic

Link: http://sputniknews.com/europe/20150513/1022101143.html

The proposed Transatlantic Trade and Investment Partnership (TTIP) deal between European Union and United States will have direct, negative impact on democracy and the welfare state in Europe, mayor of Rubi a municipality in Catalonia, Spain. "The aim of this Treaty is to create an economy of big corporations to privatize the services of culture, sport, waste disposal, water among many other things."

Russian ruble hits 18-wk high

May 13th, 2015
Categories: Economic

Link: http://rt.com/business/258125-russia-ruble-dollar-oil/

The Russian currency continues its recovery against the US dollar on Wednesday, trading at its highest level since the end of November 2014, as oil prices rise and investors see geopolitical risks diminishing.

Victory: German Retail Giant Removes Glyphosate from 350 Stores

May 12th, 2015
Categories: Economic

Link: http://naturalsociety.com/victory-german-retail-giant-removes-glyphosate-from-350-stores/

German retail giant will no longer carry glyphosate-containing products as of September 30, 2015. More than 350 ‘toom Baumarkt DIY’ stores belonging to the REWE Group are removing any product that contains this endocrine disrupting chemical concoction, and as of today, no such products can be re-ordered from their stores.

Russia criticizes World Bank of playing "geo-economic games"

May 12th, 2015
Categories: Economic

Link: http://tass.ru/en/economy/794314

Russian Foreign Ministry: Attempts of the World Bank to "play geo-economic games" and put political tasks above economic ones may result in a growing interest of the world community to alternative economic institutions.

How The US Military Is Paying NFL Teams Millions To "Honor the Troops" At Sporting Events

May 11th, 2015
Categories: Economic

Link: http://www.zerohedge.com/news/2015-05-11/how-us-military-paying-nfl-teams-millions-honor-troops-sporting-events

The Department of Defense and the Jersey Guard paid the Jets $377,000 from 2011 to 2014 for the salutes and other advertising, according to federal contracts. Overall, the Defense Department paid 14 NFL teams $5.4 million during that time, $5.3 million was paid by the National Guard to 11 teams under similar contracts.

Russia Asks Greece To Join BRICS Bank

May 11th, 2015
Categories: Economic

Link: http://www.blacklistednews.com/Russia_Asks_Greece_To_Join_BRICS_Bank/43895/0/38/38/Y/M.html

Russian Deputy Finance Minister Sergei Storchak spoke with Greek PM Alexis Tsipras today, proposed that Greece become 6th member of New Development Bank set up by Brazil, Russia, India, China, South Africa, a Greek govt official says in e-mail to reporters.

Still Losing: Creditors Change Monsanto’s Investor Rating to “Negative”

May 11th, 2015
Categories: Economic

Link: http://naturalsociety.com/still-losing-creditors-change-monsantos-investor-rating-to-negative/

Moody’s has affirmed that Monsanto’s new rating is being downgraded from ‘neutral’ to ‘negative’ following Syngenta’s announcement that it has refused Monsanto’s unsolicited bid of CHF449 per Syngenta share in a combination of cash and stock.

REPORT: IRS Continues SWAT Raids for Evasion While Hundreds of Agents Avoid Paying Any Taxes at All

May 10th, 2015
Categories: Economic

Link: http://www.blacklistednews.com/REPORT%3A_IRS_Continues_SWAT_Raids_for_Evasion_While_Hundreds_of_Agents_Avoid_Paying_Any_Taxes_at_All_/43872/0/38/38/Y/M.html

1,600 IRS employees committed tax evasion in a 10-year span; most still employed in spite of a 1998 law calling for termination in such cases. Many of the tax-evading agents were active in enforcing the federal tax laws they have broken. The agents found many ways to evade taxes;“improperly claiming dependents, repeated failure to file timely tax returns, claiming a tax credit for first-time homebuyers when the worker didn’t buy a house.”

IMF Preparing Greek Default Contingency Plan

May 10th, 2015
Categories: Economic

Link: http://www.zerohedge.com/news/2015-05-10/imf-preparing-greek-default-contingency-plan-greek-government-contemplates-defaultin

International Monetary Fund working with national authorities in southeastern Europe on contingency plans for a Greek default, a senior fund official said—a rare public admission that regulators are preparing for the potential failure to agree on continued aid for Athens"to "ensure that subsidiaries of Greek banks have enough assets that they can exchange for emergency financing at their own central banks—in case financing from their parent institutions is suddenly cut off.

Iran, Brazil to Build Oil Refinery in Latin America

May 10th, 2015
Categories: Economic

Link: http://sputniknews.com/middleeast/20150510/1021960613.html

The crude only refinery is aimed at “securing long-term demand for Iran's exported crude oil”, Tehran was also in talks with an Indian company to build a refinery in India with the capacity to process 400,000 barrels of crude oil. India is the second biggest customer of Iran's crude oil after China.

Congress Tells Court It Can't Be Investigated for Insider Trading

May 8th, 2015
Categories: Economic

Link: http://xrepublic.tv/node/13166

In a little-noticed brief filed last summer, lawyers for the House of Representatives claimed that an SEC investigation of congressional insider trading should be blocked on principle, because lawmakers and their staff are constitutionally protected from such inquiries given the nature of their work.

"Too Big to Exist': Sanders Introduces Bill to Break Up Big Banks

May 7th, 2015
Categories: Economic

Link: http://www.newsforage.com/2015/05/too-big-to-exist-sanders-introduces.html

U.S. Senator Bernie Sanders of Vermont, will introduce bill to break up country's biggest banks, the Too Big to Fail, Too Big to Exist Act, Financial Stability Oversight Council would compile list of institutions so large their collapse could trigger an economic crisis. The Treasury Secretary would have a year from bill's passing to break them up. "No financial institution should have holdings so extensive that its failure could send world economy into crisis."Firms on that list would be banned from using customer money to make "risky activities on the financial market.

21 States Now Suspend Your Driver’s License Over Delinquent Student Loan Payments

May 7th, 2015
Categories: Economic

Link: http://govtslaves.info/21-states-now-suspend-your-drivers-license-over-delinquent-student-loan-payments/

Montana residents will no longer have their drivers licenses suspended if they fall behind on their student loan payments. A Montana law that allowed the state to revoke licenses for that infraction was scrapped. In at least 21 states, similar laws remain on the books.

Feds collect record $472 billion in taxes in just one month

May 7th, 2015
Categories: Economic

Link: http://patriotrising.com/2015/05/07/feds-collect-record-472-billion-in-taxes-in-just-one-month/

The federal government set a record tax haul in April, taking in nearly a half-trillion dollars in one month alone, according to Congressional Budget Office statistics released Thursday. Spending, was a more modest $317 billion, leaving the government with a surplus for that one month of $155 billion — also a record.

Why We Have An Oversupply Of Almost Everything

May 7th, 2015
Categories: Economic

Link: http://www.zerohedge.com/news/2015-05-07/why-we-have-oversupply-almost-everything

Economic growth eventually runs into limits. Common workers can no longer afford to buy goods and services that the economy produces, because of inadequate wages. Not enough good paying jobs for workers, lack of investment opportunities, because workers cannot afford high prices of goods required to provide adequate return.

America's poor are 'envy of the world,' says richest Congressman

May 7th, 2015
Categories: Economic

Link: http://www.democraticunderground.com/10141087776

Darrell Issa, richest man in Congress; net worth in 2013 $448.4 million said America has made "our poor somewhat the envy of the world."Third World countries have greater inequality of income and wealth, less opportunity for people to rise from have not to the have," said Issa. In the U.S. he noted there is better availability and access to quality public education.

REPORT: Putin says Russia may fund Greece's energy projects

May 7th, 2015
Categories: Economic

Link: http://www.businessinsider.com/report-putin-says-russia-may-fund-greeces-energy-projects-2015-5

Russian President Vladimir Putin has weighed in on Greece's current financial drama, according to a Bloomberg alert, suggesting that the country may provide funds for Greek energy projects.

This is why they are militarizing: “The world will become Baltimore when people realize they cannot acquire basic resources” - Video

May 6th, 2015
Categories: Economic

Link: https://intellihub.com/this-is-why-they-are-militarizing-the-world-will-become-baltimore-when-people-realize-they-cannot-acquire-basic-resources/

World’s central banks and governments throwing everything they can at the problem in an effort to keep system propped up long as possible, will leave most of world’s population, totally wiped out and impoverished. Result will be widespread civil unrest, violence as people realize they have nothing left and no ability to acquire even most basic essential resources.

It Begins: US Government Issues $700,000 Fine Against A Digital Currency

May 6th, 2015
Categories: Economic

Link: http://www.zerohedge.com/news/2015-05-06/it-begins-us-government-issues-700000-fine-against-digital-currency

US Financial Crimes Enforcement Network (FinCEN), issuedfirst-ever ‘civil enforcement action’ against a virtual currency; Ripple Labs. Hong Kong Treasury: “the Government does not consider it necessary to introduce legislation to regulate trading in virtual commodities or prohibit people from participating in such activities.”in the US and in Europe: Tracking down virtual currency transactions. Banning cash. Anything they can do to keep your money trapped in the system where they can keep their eyes on it.

Russia sanctions killing German companies: MP

May 5th, 2015
Categories: Economic

Link: http://www.presstv.com/Detail/2015/05/05/409510/Germany-Russia-sanctions

German lawmakerFranz Wiese condemned European Union and Chancellor Angela Merkel’s anti-Russia policy; EU bans are destroying the country’s businesses, with dozens of reported bankruptcies.

Anti-Cuban embargo movement picks up steam in US

May 5th, 2015
Categories: Economic

Link: http://news.yahoo.com/anti-cuban-embargo-movement-picks-steam-us-191703949.html

Big businesses and politicians from both sides of the ideological spectrum are putting their muscle into new Washington lobbying efforts to end the U.S. embargo on Cuba as the two countries press ahead to re-establish diplomatic relations with the backing of more than a dozen Fortune 500 firms ranging from hotel companies to agricultural businesses.

May Day in Venezuela: President Maduro to Raise Minimum Wage Once Again

May 5th, 2015
Categories: Economic

Link: http://www.latinpost.com/articles/51194/20150503/venezuela-raises-minimum-wage-once-again.htm

Venezuela President Nicolas Maduro announced he is increasing the minimum wage for the second time this yearas well as the pensions for retirees by 30 percent, raise salaries for government employees and military personnel as well. Maduro: "I have to protect the vital salary of the workers as defended by the constitution."

Russian Ruble Is 85% of Money Transfers in East Ukraine Rebel Republic

May 5th, 2015
Categories: Economic

Link: http://russia-insider.com/en/russian-ruble-85-money-transfers-east-ukraine-rebel-republic/6428

LPR Head Igor Plotnitsky; Two months after Luhansk People’s Republic (LPR) introduced a multi-currency system over Kiev’s economic blockade Russian ruble took up 85% of money supply. 85% of all payments in LPR territory are made in Russian rubles while the Ukrainian hryvnia accounts for 12%.

U.S. Fears a European “Lehman Brothers”, Greek Default Would Cause A New And Very “Unpredictable” Paradigm – Huge Uncertainty In Markets

May 5th, 2015
Categories: Economic

Link: http://investmentwatchblog.com/u-s-fears-a-european-lehman-brothers-greek-default-would-cause-a-new-and-very-unpredictable-paradigm-huge-uncertainty-in-markets/

U.S. Council on Economics is alarmed by risk being taken by European elites to bring Greece to heel. Greek default would cause a new and very “unpredictable” paradigm – huge uncertainty in markets. U.S. policy makers fear unforeseeable knock-on effects.

Donetsk Republic Nationalizes Banks, Draws Ire Of NATO and World Banking Cartel

May 5th, 2015
Categories: Economic

Link: http://www.activistpost.com/2015/05/donetsk-republic-nationalizes-banks.html

Donetsk People’s Republic in the process of putting together a formal government, plans to nationalize banks that have parasitized Ukraine for years no doubt drawn the ire of oligarchs that own those banks and Anglo-American banking cartel that owns the United States and NATO countries bent on world hegemony and submission to their will.

We have a very dangerous situation for the IMF, where the French IMF President(s) had a vested political interest in bailing out Greece at the time to save the French and German banks from major losses.

May 5th, 2015
Categories: Economic

Link: http://investmentwatchblog.com/we-have-a-very-dangerous-situation-for-the-imf-where-the-french-imf-presidents-had-a-vested-political-interest-in-bailing-out-greece-at-the-time-to-save-the-french-and-german-banks-from-major-losse/

The IMF faces a dilemma right now. Threatening to stop providing funds to Greece means that Greece is less likely to repay it. On the other hand giving more money to Greece means that any default grows in size.

Sanctions & Saber Rattling Doesn't Stop The US From Importing Russian Petroleum

May 5th, 2015
Categories: Economic

Link: http://www.zerohedge.com/news/2015-05-05/sanctions-saber-rattling-doesnt-stop-us-importing-russian-petroleum

Russia is the U.S. second largest non-OPEC source of net petroleum products in the month of January. Canada is the largest at 2.9 million barrels per day, Russia at 389,000 bd, Columbia 264,000 bd, Chad 93,000 bd and Mexico at 44,000 bd.

China’s Government Bond Market Opens for Foreigners

May 5th, 2015
Categories: Economic

Link: http://sputniknews.com/business/20150505/1021735049.html

China has liberalized its bond market and issued bonds in yuan, significantly liberalized its bond market and opened it for foreigners. Chinese bond market is the third largest in the world after the US and Japan.

China, Russia to sign a host of cooperation deals during Xi’s visit to Moscow

May 4th, 2015
Categories: Economic

Link: http://tass.ru/en/world/792927

China and Russia will sign a host of deals on energy, finances and investment during a visit by Chinese leader Xi Jinping to Moscow on May 8-10, Chinese Deputy Foreign Minister Chen Gopin said on Monday.

Two-Thirds Of US Millionaires Fear "They Will Lose It All" If The Market Crashes

May 4th, 2015
Categories: Economic

Link: http://www.zerohedge.com/news/2015-05-04/two-thirds-us-millionaires-fear-they-will-lose-it-all-if-market-crashes

"Millionaires feel compelled to strive for more, spurred on by their own ambition, their desire to protect their lifestyle and an ever-present fear of losing it all. With memories of the financial crisis still lingering, most millionaires don’t have enough wealth to feel secure.

Greek govt pledges to pay off all debt, Varoufakis back in the game

May 4th, 2015
Categories: Economic

Link: http://rt.com/business/255429-greek-government-debt-repayment/

Athens is set to repay loans to all creditors, including the IMF, said the government’s spokesman Gabriel Sakellaridis. Finance Minister Yanis Varoufakis is set to again head the Greek negotiation team after being briefly dumped from the process.

Why The Powers That Be Are Pushing A Cashless Society

May 4th, 2015
Categories: Economic

Link: http://www.blacklistednews.com/Why_The_Powers_That_Be_Are_Pushing_A_Cashless_Society/43770/0/38/38/Y/M.html

The central banks areplanning drastic restrictions on cash . They see moving to electronic money will eliminate the underground economy, believe it will prevent a banking crisis and elimination of the ability to demand to withdraw funds from a bank, increase their control. Financial police searching people on trains passing through France to see if they are transporting cash, which they will seize.

Australia First to Introduce a Compulsory Tax on Money Itself

May 3rd, 2015
Categories: Economic

Link: http://www.blacklistednews.com/Australia_First_to_Introduce_a_Compulsory_Tax_on_Money_Itself/43752/0/38/38/Y/M.html

The new compulsory control is provided for in the 2015 Australian budget.Everyone who has any savings must pay taxes on their savings. The measure is expected to serve as a global test balloon for Europe and North America.

US Billionaire Says Now is Ideal Time to Invest in Russia

May 2nd, 2015
Categories: Economic

Link: http://sputniknews.com/business/20150502/1021636797.html

US billionaire investment mogul David Bonderman believes that there's no time like the present to invest in Russia, adding that US sanctions policy has only backfired on them.

Real Cost of EU Loans: Ukraine Economy on Verge of Collapse - French Media

May 2nd, 2015
Categories: Economic

Link: http://sputniknews.com/business/20150502/1021636207.html

Price of the average food basket in the country increases per week ($9.5), salaries stay the same. People can no longer cope with the price hikes and mounting inflation. The black market and grey economy are taking over the formal economy. Average salary in Ukraine about ($94) per month pensions ($55).

Riots expected after Greece orders all government funds to be transferred to central bank

May 1st, 2015
Categories: Economic

Link: http://govtslaves.info/riots-expected-after-greece-orders-all-government-funds-to-be-transferred-to-central-bank/

Greece: government just ordered a mandatory transfer of all cash reserves from state-owned enterprises to the Greek central bank to avoid a complete economic collapse. It is thought the confiscation of reserves held in commercial banks to the Bank of Greece could raise €2bn for the government. This is merely a one-time measure; what happens next month?

Greek Pensioners Crash Pension Fund Board Meeting, Form Lines At Bank

May 1st, 2015
Categories: Economic

Link: http://www.zerohedge.com/news/2015-05-01/greek-pensioners-crash-pension-fund-board-meeting-form-lines-bank

The country’s state pension funds almost defaulted after a shortfall of “several hundred million euros” delayed payments to pensioners this week. Many people panicked when they discovered their pension payments were not in their accounts. Pensioners broke into a board meeting of the state pension fund demanding it stop transferring cash reserves to the government under emergency decree to keep the country solvent.

Russia's VEB eyes deal on investment project financing in Chinese yuans

May 1st, 2015
Categories: Economic

Link: http://tass.ru/en/economy/792783

Russia's state development bank VEB could soon sign the first deal on financing an investment project in Russia in Chinese yuans, VEB CEO Vladimir Dmitriev. European markets are closed, but VEB maintains constructive relations with China’s state development bank.

Warning of Catastrophe Over Barring Russia From Banking System

May 1st, 2015
Categories: Economic

Link: http://sputniknews.com/russia/20150430/1021558789.html

head of public affairs at UniCredit Group, Italy, Giuseppe Scognamiglio: Cutting Russia out of the global banking payment system SWIFT could turn into a catastrophe for the overall system of payments in Europe.

Russia to ban import of peanuts from US to Russia starting May 1

April 30th, 2015
Categories: Economic

Link: http://tass.ru/en/economy/792585

Russia's agriculture watchdog, Rosselkhoznadzor, will introduce a ban on import of peanuts from the United States starting May 1, 2015, the agency said on Thursday. The prohibition will be effective until the United States provides clarifications concerning the excessive content of cadmium in the US peanuts.

When Will Apple Stop Screwing The US Economy?

April 30th, 2015
Categories: Economic

Link: http://www.zerohedge.com/news/2015-04-30/when-will-apple-stop-screwing-us-economy

Apple: trillion dollars in sales, almost no taxes paid. Half of Korea’s IT exports are cell phone handsets or semiconductors, total exports growing only as long as IT exports do. Smartphone only thing between them and recession. Taiwan’s exports is more tied to high-tech (unlike Korea which also sells ships and cars), economy depends on exports which depend on smartphone sales.

Global Markets Slide as US Economy Stalls, Japan Holds on Stimulus

April 30th, 2015
Categories: Economic

Link: http://sputniknews.com/business/20150430/1021550627.html

As the world’s biggest economy nearly came to a halt, stocks have retreated worldwide amidst high uncertainty, stemming from the mostly optimistic state of business affairs, amid poorly thought out economic policies exercised worldwide.

Ukraine named worst performing economy in 2015- The Economist

April 30th, 2015
Categories: Economic

Link: http://rt.com/business/254573-ukraine-worst-rating-economist/

Ukraine has fastest falling economy of 2015 according to British periodical The Economist. The country has seen its GDP shrink by 6.5 percent since last April, with countries like Libya and Macau performing better. Ukrainian economy showed the most significant deepening recession compared to the rest of the world.

Italian Official Says Anti-Russian Sanctions May Be Lifted,Ukraine Protests

April 29th, 2015
Categories: Economic

Link: http://sputniknews.com/europe/20150429/1021534129.html

Federico Eichberg, Task Force on Foreign Investments at the Ministry of Economic Development: Italy will not support continuation of economic sanctions against Russia. Italian Minister of Economy and Finance Pier Carlo Padoan: "sincerely hope we will cancel sanctions soon as possible, economic partnership between Italy and Russia will continue to grow."

The Public Sector Is A Milk Cow For Private Enterprise — Paul Craig Roberts

April 29th, 2015
Categories: Economic

Link: http://www.paulcraigroberts.org/2015/04/29/public-sector-milk-cow-private-enterprise-paul-craig-roberts/

Social Security and Medicare under attack from Wall Street, conservatives, and free market economists claims these programs are unaffordable and the programs can be run more efficiently at less cost if privatized. The programs are disparaged as “entitlements.” The word has come to imply that entitled people are getting something at great cost to everyone else, have become conflated with welfare. Social Security and Medicare are financed by an earmarked payroll tax paid by employees.

Disney Flies In Foreign Workers To Replace Americans

April 29th, 2015
Categories: Economic

Link: http://govtslaves.info/disney-flies-in-foreign-workers-to-replace-americans/

Disney cut well-paid longtime staff members, some who had been previously singled out for excellence, as it shifted work to contractors. These contractors used foreign labor, mostly from India. Some were literally flown in the day before. The laid-off workers believe the primary motivation was cost-cutting.

The myth of the Greek 'bail-out' and the future of Western world

April 29th, 2015
Categories: Economic

Link: http://english.pravda.ru/world/europe/29-04-2015/130410-greek_bail_out_western_world-0/

loans supplied by eurozone and International Monetary Fund amount to €226.7bn (about 125 per cent of GDP), two-thirds of total public debt went not to benefiting Greeks but to avoiding writedown of bad loans to the Greek government and Greek banks. 11 per cent of the loans financed government activities. 16 per cent on interest payments. The rest on capital operations of various kinds. Germany has gained enormous amount from its position in the EU.

Citibank Buys $1Billion in Gold From Venezuela

April 29th, 2015
Categories: Economic

Link: http://www.blacklistednews.com/Citibank_Buys_%241Billion_in_Gold_From_Venezuela/43705/0/38/38/Y/M.html

Citibank recently announced that they were going to swap $1 billion for a portion of Venezuela’s gold. Nicolas Maduro’s cash-strapped regime is so desperate for revenue, that they’ve agreed to pawn 1.4 million ounces of gold, which amounts to $714 per ounce.

Greece €400 Million Short For Wage And Pension Payments, Rushes To Pass Troika-Friendly Laws

April 28th, 2015
Categories: Economic

Link: http://www.zerohedge.com/news/2015-04-28/greece-%E2%82%AC400-million-short-wage-and-pension-payments-rushes-pass-troika-friendly-laws

Core problem for Greece, it is completely out of money, local municipalities have mutinied,told the government they would not hand over their cash to the central bank without their own conditions being met first. Greece does not have the €1 billion in cash to fund May payments to the IMF, but it is short €400 million for wage and pension payments.

Russian lower house speaker hails BRICS’ positive role in forming fair world order

April 28th, 2015
Categories: Economic

Link: http://tass.ru/en/russia/792275

The BRICS group of countries, namely Brazil, Russia, India, China and South Africa, is playing a positive role in "forming a fair world order," speaker of the Russian State Duma lower parliament house, Sergei Naryshkin.

Putin Accuses Russia's 'Quasi-Partners' of Counting on Russia's Collapse

April 27th, 2015
Categories: Economic

Link: http://www.themoscowtimes.com/business/article/putin-accuses-russias-quasi-partners-of-counting-on-russias-collapse/519832.html

Putin accused some of Russia's "quasi-partners" on Monday of counting on the country's collapse by cutting its banks off from the global financial system at a time when oil prices had plunged. Putin: "Apparently someone was counting on some sort of collapse," "No collapse happened. The Russian economy is easily overcoming these artificial barriers. The peak of [debt] payments has passed. If someone counted on causing some kind of collapse, nothing came of it."

Germany Prepares For "Plan B", Says Greece Would "Need Not Only A Third Bailout, But Fourth, Fifth Or Even More"

April 26th, 2015
Categories: Economic

Link: http://www.blacklistednews.com/_Germany_Prepares_For_%22Plan_B%22%2C_Says_Greece_Would_%22Need_Not_Only_A_Third_Bailout%2C_But_Fourth%2C_Fifth_Or_Even_More%22/43641/0/38/38/Y/M.html

German Finance Minister Schaeuble hinted that Berlin was preparing for a possible Greek default. Greek euro exit would be good in the long term because European contracts would regain their validity and Greece could regain its competitiveness.

Greece’s Syriza government signals pension cuts

April 26th, 2015
Categories: Economic

Link: http://www.wsws.org/en/articles/2015/04/25/gree-a25.html

Greek Finance Minister Yanis Varoufakis made clear that his government was ready to impose extensive pension cuts and labour market “reforms” in order to reach an agreement with the troika (European Union, International Monetary Fund, European Central Bank.

Capital Controls Arrive: Greece Begins Confiscating Deposits Of "Small Debtors"

April 26th, 2015
Categories: Economic

Link: http://www.zerohedge.com/news/2015-04-26/capital-controls-arrive-greece-begins-confiscating-deposits-small-debtors

Last week, the Greek government issued a decree which called for local governments to transfer excess cash to the central bank so that Athens would be able to pay pensions, salaries, and the IMF. The move is expected to raise as much as €2 billion to help keep the country afloat. Tax authorities have started seizing the deposits of small debtors.

Big Bank 'Crime of the Century' Results in Guess What? No Jail Time for Anyone: Despite severity of offenses, 'the government concluded that these crimes should be punished only through a financial penalty,' says Public Citizen

April 25th, 2015
Categories: Economic

Link: http://refreshingnews99.blogspot.in/2015/04/big-bank-crime-of-century-results-in.html

Record $2.5 billion settlement paid by Deutsche Bank to U.S. and U.K. authorities for its rate-rigging role in the massive LIBOR scandal, some noted that the fine—while large—suggests that some institutions are still considered "too big to jail."

China Allocates $40Bln for New Silk Road Fund - Entrepreneur

April 25th, 2015
Categories: Economic

Link: http://sputniknews.com/business/20150425/1021363019.html

China hopes that the new Silk Road will boost political ties from the Pacific to the Baltic Sea and cut barriers to trade and investment.

Russia and China to increase finance cooperation - minister

April 25th, 2015
Categories: Economic

Link: http://rt.com/business/252669-russia-china-investments-cooperation/

Russia is interested in developing Chinese investment and cooperation, according to Russian Finance Minister Anton Siluanov. Cooperation has been recently growing, as Western markets are now closed for Russia.

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