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IL Governor Rauner Gets $750,000 Tax Break, Proposes Slashing Services to Middle Class and Poor: "...[H]e could easily become the national symbol of the trickle down economic theory that has failed to produce benefits for everyday Americans..."

February 25th, 2015
Categories: Economic

Link: http://refreshingnews99.blogspot.in/2015/02/il-governor-rauner-gets-750000-tax.html

Rauner, who made $61 million in 2013 - or $29,000 per hour. Cutting health care benefits for homecare workers. Slashing funding for the Department of Children and Family Services. Cutting Medicaid spending by1.5 billion - including735 million in cuts to hospitals serving Medicaid patients. Increasing childcare copays for working parents. Move state employees into pension plans with lower benefits.
Rauner claims his proposal is a "turnaround budget."

Thirty-seven percent of Americans live on the brink of financial disaster

February 25th, 2015
Categories: News, Economic

Link: http://english.pravda.ru/news/society/25-02-2015/129899-americans_financial_disaster-0/

US-based financial company Bankrate surveyed a thousand of adult residents of the United States. The research was conducted to identify the level of financial security of citizens. The results of the study were published on the website of the company.

Why Would the U.S. Chamber of Commerce Promote Issues that are Bad for the American People?

February 25th, 2015
Categories: News, Economic

Link: http://economyincrisis.org/content/why-are-congressional-republicans-planning-to-give-president-obama-more-power-next-year

The U.S. Chamber of Commerce is the largest supporter of the Trans-Pacific Partnership (TPP). This group represents large multinational corporations, many of which are registered as American, but a large percentage of their businesses and profits reside in foreign countries.

Ukraine Enters Hyperinflation: Currency Trading Halted, "Soon We Will Walk Around With Suitcases For Cash"

February 25th, 2015
Categories: Economic

Link: http://www.zerohedge.com/news/2015-02-25/ukraine-enters-hyperinflation-currency-trading-halted-soon-we-will-wwalk-around-suit

New gas dispute as Gazprom demands upfront payments; capital controls tightened, the $17.5bn IMF loan may not be enough; central bank governor faces prosecution as the economy craters. Although banks could still trade with each other, by mid-morning there were no registered trades at any rate, leaving the currency in limbo. The previous day, the central bank rate based on reported trades had fallen 11 percent against the dollar.

5 Sure Signs the U.S. Economy is Finished

February 25th, 2015
Categories: News, Economic

Link: http://economyincrisis.org/content/5-sure-signs-the-u-s-economy-is-finished

With the S&P 500 at all-time highs and Americans getting ready to spend more than $600 billion on Christmas, what’s not to love about the “New Economy?”

Putin: Gas supplies to Europe could suffer in 3-4 days if Kiev doesn't pay

February 25th, 2015
Categories: Economic

Link: http://rt.com/news/235459-putin-gas-ukraine-europe/

Putin: “Gazprom has been fully complying with its obligations under the Ukraine gas supply contract and will continue doing that.” “The advance payment for gas supply made by the Ukrainian side will be in place for another three to four days. If there is no further prepayment, Gazprom will suspend supplies under the contract and its supplement. Of course, this could create a certain problem for [gas] transit to Europe to our European partners.”

Revolt In Athens: Syriza Central Committee Member Says "Leadership Strategy Has Failed Miserably"

February 24th, 2015
Categories: Economic

Link: http://www.zerohedge.com/news/2015-02-24/mutiny-athens-central-committee-member-slams-syriza-leadership-strategy-which-failed

Whatever illusions still existed regarding the possibility of using European funds for purposes outside of the straitjacket of those for which they had been earmarked — and even more that they should be placed under the Greek government’s jurisdiction — have thus been dispelled.

Japan’s credit card firm to start using Russia’s national payment system by end of 2015

February 24th, 2015
Categories: Economic

Link: http://rt.com/business/235079-jcb-national-payment-system/

The Japanese JCB payment system is ready to start working with Russia’s national payment system (NPCS) by the end of 2015, according to company CEO Takashi Suetsugu.

Stock markets rise after Greece signs new austerity agreement

February 24th, 2015
Categories: Economic

Link: http://www.wsws.org/en/articles/2015/02/24/gree-f24.html

Europe’s stock markets rose Monday in response to the four-month extension of austerity agreed Friday between the Greek government and the euro group.

Moody’s downgrades ratings of Russia’s biggest banks

February 24th, 2015
Categories: Economic

Link: http://tass.ru/en/economy/779409

Moody’s rating agency downgraded seven Russian financial institutions - Sberbank, Bank VTB, Gazprombank, Russian Agricultural Bank, Agency for Housing Mortgage Lending, Vnesheconombank and Alfa-Bank, "follow the weakening of Russia's credit profile, as reflected by Moody's downgrade of Russia's government debt rating to Ba1 from Baa3 on February 20, 2015."

Making Me Pay For My Crimes Would Send “Message of Uncertainty to the Markets”: Bank President to Spanish Judge

February 23rd, 2015
Categories: Economic

Link: http://www.blacklistednews.com/Making_Me_Pay_For_My_Crimes_Would_Send_%E2%80%9CMessage_of_Uncertainty_to_the_Markets%E2%80%9D%3A_Bank_President_to_Spanish_Judge/42106/0/38/38/Y/M.html

Rodrigo Rato, the bank’s former chairman and one-time IMF president, In aappeal leaked to the Spanish press cautioned that Judge Andreu’s “premature” decision to force the six defendants to compensate the thousands of shareholders they are accused of defrauding could end up provoking a “much greater evil” than that it is supposed to address. Could send a “message of uncertainty to the markets.”

No Time for Laughter: Gas Prices in Ukraine to Increase Fourfold on April 1

February 22nd, 2015
Categories: Economic

Link: http://sputniknews.com/business/20150221/1018580786.html

Starting April 1, gas prices in Ukraine will increase by four times, according to the country’s Minister of Energy and Coal Industry Volodymyr Demchyshyn, said the International Monetary Fund (IMF), main creditor of Ukraine, pushed Kiev to raise the gas consumer tariffs in Ukraine so that they would match Western European levels, demanded an immediate increase in gas prices.

Moody’s lowers Russia’s debt rating to Ba1

February 21st, 2015
Categories: Economic

Link: http://tass.ru/en/economy/779042

International rating agency Moody’s has revised downwards Russia’s sovereign debt rating to Ba1 (speculative) from Baa3, offering the continuing crisis in Ukraine and dwindling oil prices as the main reasons. The Russian Ministry of Finance promptly replied the decision was politically motivated.

Why Are Govt Subsidies Forcing GMO Baby Formula on Low Income Mothers?

February 21st, 2015
Categories: Economic

Link: http://naturalsociety.com/govt-subsidies-forcing-gmo-baby-formula-low-income-mothers/

t mothers and babies who receive federally-funded WIC assistance (Women, Infants and Children Program) are usually provided with formula comprised of GMO ingredients, including GMO corn and GMO soy.

German finance minister demands unconditional surrender from Greece

February 20th, 2015
Categories: Economic

Link: http://www.wsws.org/en/articles/2015/02/20/germ-f20.html

German Finance Minister Wolfgang Schäuble (CDU) rejected outright written requests by the Greek government on Thursday for an extension of its previous credit agreement with the EU. Schäuble wants to create a precedent for all of Europe by completely humiliating the Syriza government.

EU ambassador to Russia voices concern over trade decline

February 20th, 2015
Categories: Economic

Link: http://tass.ru/en/economy/779007

. A 20% decline in the Russia-EU trade turnover in 2014 reported by Eurostat caused concern, EU Ambassador to Russia Vygaudas Usackas said during his meeting with Chairman of the Federation Council’s International Affairs Committee Konstantin Kosachev on Friday.

The Rich Pay State and Local Taxes at Half the Rate the Rest of Us Do

February 20th, 2015
Categories: Economic

Link: http://www.democraticunderground.com/10141019475

Institute on Taxation and Economic Policy: the poorest 20 percent of households pay on average more than twice the effective state and local tax rate (10.9 percent) as the richest 1 percent of taxpayers (5.4 percent).

Record ruble rally on back of higher oil & Ukraine stabilization

February 20th, 2015
Categories: Economic

Link: http://rt.com/business/233999-ruble-markets-trade-oil/

The Russian ruble has been the best performing emerging markets currency in February, adding 12 percent since the beginning of the month. Higher oil prices coupled with a Ukraine ceasefire agreement and stabilization in Debaltsevo has inspired investors.

Not a single step backward!

February 19th, 2015
Categories: Economic

Link: http://socialistworker.org/2015/02/19/not-a-single-step-backward

Negotiations between Greece and eurozone finance ministers collapsed Monday, that could force Greece into default and out of the euro currency, mobilizing unions and social movements around the slogan: "Let's take it all back." Threatens continuation of austerity measures across Europe, lenders want to halt them now before they acquire dangerous and uncontrollable proportions.

De-Dollarization Accelerates: Russia Launches SWIFT-Alternative Linking 91 Entities

February 19th, 2015
Categories: Economic

Link: http://russia-insider.com/en/business/2015/02/19/3654

SWIFT (The Society for Worldwide Interbank Financial Telecommunication) a Belgium-based international organization that provides services and a standardized environment for global banking communicating that allows financial institutions to send and receive messages about their transactions. This week Russia launched its own 'SWIFT' alternative, linking 91 credit institutions, suggests de-dollarization is considerably further along than many expected especially as Russia dumps US Treasuries at a record pace.

Greece And The Endgame Of The Neocolonial Model Of Exploitation

February 19th, 2015
Categories: Economic

Link: http://www.zerohedge.com/news/2015-02-19/greece-and-endgame-neocolonial-model-exploitation

With the bankruptcy of Greece now undeniable, we've finally reached the endgame of the Neocolonial-Financialization Model. Banks extracted enormous profits from expansion of debt. Taxpayers are now feudal serfs whose labor is devoted to making good on any loans that go bad. Note how little of the Greek "bailout" actually went to the citizenry and how much was interest paid to the financial powers.

UK Guardian, Bank of England: ‘Banks create money as debt.’ Translation: debt-free money, at-cost credit create instant prosperity - Video

February 19th, 2015
Categories: Economic

Link: http://www.washingtonsblog.com/2015/02/uk-guardian-bank-england-banks-create-money-debt-translation-debt-free-money-cost-credit-creates-instant-prosperity.html

What we use for money is created as a debt, with the consequence of unpayable and increasing debt. The debt only gets larger, and will never be repaid because this is what we use for money, system is like adding negative numbers forever. The public costs of this fraud are trillions of dollars.

Germany rejects Greek proposal as 'no substantial solution'

February 19th, 2015
Categories: Economic

Link: http://www.democraticunderground.com/10141018079

Germany on Thursday rejected a request by Greece to its European partners for a six-month extension to its EU loan programme, saying it was "not a substantial proposal for a solution"; spokesman for German Finance Minister Wolfgang Schaeuble.

Russia Dumps Most US Paper Ever As China Reduces Treasurys Holdings To January 2013 Levels

February 18th, 2015
Categories: Economic

Link: http://www.zerohedge.com/news/2015-02-18/russia-dumps-most-us-paper-ever-china-reduces-treasurys-holdings-january-2013-levels

Russia added to its gold holdings, selling $22 billion in US Treasurys, record 20% of its total holdings, bringing its US paper inventory to $86 billion in December lowest since June 2008.

French government forces through austerity measures without vote in parliament

February 18th, 2015
Categories: Economic

Link: http://www.wsws.org/en/articles/2015/02/18/macr-f18.html

French Prime Minister Manuel Valls’ government yesterday forced through an unpopular bill imposing large-scale liberalization of the French economy without a parliamentary vote. Instead, Valls used the anti-democratic provision 49-3 of the French Constitution, which allows the executive to force the National Assembly to either adopt the bill or bring down the government.

3 Simple Solutions to Fix America’s Broken Economy

February 17th, 2015
Categories: News, Economic

Link: http://economyincrisis.org/content/simple-solutions-to-fix-americas-broken-economy

America’s economic woes are no secret. Nations like China are growing more and more economically powerful, while America is spiraling out of control.

Ignorance and Arrogance Are Destroying the Economy

February 17th, 2015
Categories: News, Economic

Link: http://economyincrisis.org/content/ignorance-and-arrogance-are-destroying-the-economy

Every sensible country protects its industries and companies from foreign takeover. Protectionism is a matter of self-preservation. Apparently American politicians are neither interested in being sensible nor are they interested in our nation’s economic survival.

Chinese shoppers to outspend US by 2018

February 15th, 2015
Categories: Economic

Link: http://rt.com/business/231983-china-retail-growth-mobile/

China poised to outstrip the US as world’s largest retail market by 2018, online purchases quickly replacing conventional shopping, according to PricewaterhouseCoopers (PwC). China’s retail market expected to be $10.3 trillion by 2018, compared to $5 trillion in sales projected for North America.

Central banks’ gold purchases close to 50yr high – research

February 15th, 2015
Categories: Economic

Link: http://rt.com/business/231723-central-banks-gold-purchase/

Central banks across the world have purchased a record 477.2 tons of gold in 2014 as an attempt to reduce the influence of the US dollar amid global financial instability, according to World Gold Council.

Venezuela Says Goodbye to Cheap Gas

February 14th, 2015
Categories: Economic

Link: http://sputniknews.com/latam/20150214/1018260851.html

Venezuela will announce a change of policy soon on gasoline, the finance minister said going to raise its heavily subsidized gasoline prices, which are the lowest in the region. One US dollar buys around five gallons of gas in Venezuela costing the government a hefty $12 billion annually.

Russia’s crisis ‘short-term’ – head of China’s leading rating agency - Video

February 13th, 2015
Categories: Economic

Link: http://rt.com/business/231579-russia-danong-rating-agency/

The economy of Russia is self-sufficient and sanctions won’t kill it, Guan Jianzhong Chairman of Dagong Global Credit told RT. Unlike most Western economies that are suffering from a debt “bubble,” Russia’s crisis is connected not with domestic problems, but rather with outside hits.”

First negative interest rate in Sweden, buys bonds to counter deflation

February 13th, 2015
Categories: Economic

Link: http://rt.com/business/231791-sweden-cut-deflation-qe/

For the first time Sweden’s central bank has cut its interest rate to a negative rate of minus 0.1 percent, and also said it will start buying Swedish government bonds to head off the risk of deflation.

HSBC files: Swiss bank hid money for suspected criminals

February 12th, 2015
Categories: Economic

Link: http://www.democraticunderground.com/10141013137

East European bankers accused of misconduct were given Swiss accounts by HSBC, include Vladimir Antonov, currently fighting extradition from UK, accused of looting £400m from Lithuanian Snoras bank. Arturo del Tiempo Marques, Spanish property developer operating in Dominican Republic, HSBC customer controlling 19 separate accounts, contained assets of £2.5m. One of his shipping containers of construction materials, contained tonne of cocaine. Serving seven-year prison sentence in Spain.

Edison's plans to cut jobs, hire foreign workers is assailed

February 12th, 2015
Categories: Economic

Link: http://www.democraticunderground.com/10141013342

Southern California Edison's plans to lay off hundreds of employees and hire foreign workers is coming under attack from lawmakers in Congress and local unions. Congress upset about Edison is laying off workers in favor of bringing in cheaper labor from overseas under the controversial H-1B visa program. The visas are intended to bring in skilled and educated foreign workers. The company "is not hiring H-1B workers to replace displaced employees," Edison said in a statement.

EU says Greece demanding €162 bln in WWII reparations from Germany bilateral problem

February 12th, 2015
Categories: Economic

Link: http://tass.ru/en/world/776989

According to Greek legislators Germany must pay Greece $7.1 billion in 1938 prices, €108 billion without interest in current prices. Nazi Germany confiscated $3.5 billion worth of gold and cash from Greece in 1938 prices, equivalent of €54 billion in current purchasing power. Compensations may exceed €162 billion without interest.

Polish farmers ride tractors to Warsaw, demand aid after Russian trade ban (VIDEO)

February 12th, 2015
Categories: Economic

Link: http://rt.com/news/231519-poland-farmers-tractors-protest/

Hundreds of Polish farmers drove their tractors to Warsaw to protest against the poor financial assistance they have received in dealing with the aftermath of the Russian import ban that crippled the Polish agricultural industry. The farmers blocked major highways surrounding the capital, demanded the government explain why it can supply a €100 million aid package to Ukraine, while Warsaw has failed to allocate lesser sums to compensate the farmers’ losses.

Russian diplomat estimates EU losses from Russia sanctions at €20 billion

February 11th, 2015
Categories: Economic

Link: http://tass.ru/en/economy/777020

Russia’s EU permanent representative Vladimir Chizho: European Union has lost €20 billion from sanctions against Moscow. European Union is sustaining considerable losses from its own sanctions."

Tomorrow Greece Decides: Europe... Or Russia

February 10th, 2015
Categories: Economic

Link: http://www.zerohedge.com/news/2015-02-10/tomorrow-greece-decides-europe-or-russia

"Greece's Foreign Minister Nikolaos Kotzias is to visit Moscow on Wednesday to hold talks with his Russian counterpart Sergei Lavrov which means that as soon as tomorrow night, we may know if not Russia but Europe is who suddenly becomes more "isolated", as one of its current member flips allegiance.

Floridians forced to sell their homes at huge losses. A state law can force some Floridians out of their condo units for only a fraction of what they originally paid.

February 10th, 2015
Categories: Economic

Link: http://www.newsforage.com/2015/02/floridians-forced-to-sell-their-homes.html

Under a Florida law, companies that own more than 80 percent of condo units in one building can terminate a condo complex under certain conditions and turn it into apartments for rent. The companies have to pay the owners they're evicting "current market value" for their units, which may not cover their mortgage. Some owners are left without a home and in debt.

World can't rely on U.S. to carry economy forever: Canada

February 10th, 2015
Categories: Economic

Link: http://mytechnologyworld9.blogspot.in/2015/02/world-cant-rely-on-us-to-carry-economy.html

The United States is carrying the world economy at the moment but that is not sustainable, and other major nations must shoulder more of the load. We need key pillars of global growth to reassert themselves."; Canadian Finance Minister Joe Oliver

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