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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.

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