Latest Articles: Economy
Greece is a sideshow. The eurozone has failed, and Germans are its victims too
Post Date: 2015-06-23 03:22:53 by A Pole
Nearly every discussion of the Greek fiasco is based on a morality play. Call it Naughty Greece versus Noble Europe. Those troublesome Greeks never belonged in the euro, runs this story. Once inside, they got themselves into a big fat mess and now its up to Europe to sort it all out. Those are the basics all Wise Folk agree on. Then those on the right go on to say feckless Greece must either accept Europes deal or get out of the single currency. Or if more liberal, they hem and haw, cough and splutter, before calling for Europe to show a little more charity to its southern basketcase. Whatever their solution, the Wise Folk agree on the problem: its not Brussels ...
90 Days: Treasury Says Debt Has Been Frozen at $18,112,975,000,000
Post Date: 2015-06-17 15:40:40 by lana
90 Days: Treasury Says Debt Has Been Frozen at $18,112,975,000,000 (CNSNews.com) - The portion of the federal debt that is subject to a legal limit set by Congress closed Thursday, June 11, at $18,112,975,000,000, according to the latest Daily Treasury Statement, which was published at 4:00 p.m. on Friday. That, according to the Treasury's statements, makes 90 straight days the debt subject to the limit has been frozen at $18,112,975,000,000. $18,112,975,000,000 is about $25 million below the current legal debt limit of $18,113,000,080,959.35. The Daily Treasury Statement for March 13 was the first to show the federal debt subject to the limit closing the day at $18,112,975,000,000. ...
Jim Jordan Puts GOP Leadership on Notice [opposition to Boehner on TPA/TAA]
Post Date: 2015-06-17 12:59:53 by Tooconservative
When a group of House conservatives voted last week to kill a trade bill favored by President Obama, House Speaker John Boehner and other GOP leaders who support the measure steamed. Representative Mick Mulvaney (R., S.C.) celebrated the revolt as a coming-of-age moment for rebel backbenchers. Yesterday will be the day that we look back at as the day that conservatives finally started getting organized in the House, he wrote in a note to the Spartanburg Tea Party. Led by Representative Jim Jordan (R., Ohio), a platoon of conservatives demanded that Boehner agree to a series of concessions in exchange for their support for so-called Trade Promotion Authority (TPA), legislation ...
House GOP poised to pursue fast-track without aid for workers [TPA without TAA]
Post Date: 2015-06-17 09:09:45 by Tooconservative
Dropping Trade Adjustment Assistance risks losing Democratic support for the larger trade deal. The House is on the brink of scheduling a standalone vote on giving President Barack Obama fast-track trade authority without accompanying worker assistance legislation, according to multiple sources familiar with the plan. The House could vote on Trade Promotion Authority as early as this week, the sources said. The House Rules Committee, which sets parameters for the consideration of legislation, meets late Tuesday afternoon. A final decision has not been made, and top Congressional aides are in negotiations to chart a course forward. Boehner was set to meet with pro-trade Democrats at 3 p.m. ...
Pension tidal wave is about to crash down on taxpayers
Post Date: 2015-06-16 12:40:45 by Tooconservative
The New Jersey legislature, looking to solve a budget crisis back in 1992, passed a bill that changed some of the accounting principles of the state's government employee pension system. The technical changes, little understood at the time, made the system seem in better financial shape than it actually was, allowing the legislature to reduce contributions for pensions by $1.5 billion over the next two years. Legislators seized those extra dollars and redirected them into other spending. Jersey officials could manipulate their pension system because local governments have latitude in how they run their own retirement plans. So what they did was not unique. Around the country, state and ...
Writing's On The Wall: Texas Pulls $1 Billion In Gold From NY Fed, Makes It "Non-Confiscatable" (Texas Bullion Depository)
Post Date: 2015-06-15 22:45:20 by Hondo68
The lack of faith in central bank trustworthiness is spreading. First Germany, then Holland, and Austria, and now - as we noted was possible previously - Texas has enacted a Bill to repatriate $1 billion of gold from The NY Fed's vaults to a newly established state gold bullion depository..."People have this image of Texas as big and powerful
so for a lot of people, this is exactly where they would want to go with their gold," and the Bill includes a section to prevent forced seizure from the Federal Government. From 2011: "The University of Texas Investment Management Co., the second-largest U.S. academic endowment, took delivery of almost $1 billion in gold ...
Obama’s trade plan in critical condition ["Pacific Union" on life support]
Post Date: 2015-06-15 21:15:07 by Tooconservative
Congressional leaders and the White House are quickly finding theres no easy option to revive President Barack Obamas free trade initiative, leaving the White Houses top legislative priority in critical condition after Democrats turned against it in droves last week. Millions of dollars and countless hours have been spent trying to pass Trade Promotion Authority, a key component in Obamas quest to strike a trade deal with 11 other Pacific Rim countries. But Congress is now hung up on Trade Adjustment Assistance, a job training and aid program that typically rides alongside trade deals. One hundred and forty-four Democrats abandoned Obama on the TAA bill, which ...
Rand Paul: Obamatrade Tax Hikes on Small Businesses Mean Republicans Should Oppose Revival Efforts
Post Date: 2015-06-15 21:07:29 by Tooconservative
Sen. Rand Paul (R-KY) is calling on Republicans in the Houseand the grassroots nationwideto oppose efforts by House Ways and Means Committee chairman Rep. Paul Ryan (R-WI) to revive Obamatrade via a tax increase hidden inside the Trade Adjustment Assistance (TAA) portion of the deal. Paul said when asked to react to an article from Breitbart News from late Sunday evening exposing the tax increase in the deal: You know typically to pass these kinds of things, the establishment will try to buy off Democrats by sprinkling money so they have some money in there. To get the money, under our budget rules, we have to pay for itso they want to pay for it with a fine on small ...
TPP Explained (In Comic Book Cartoons)
Post Date: 2015-06-14 22:48:13 by Tooconservative
Sessions to House GOP: TPA a Trojan horse for executive action on immigration, climate change; Update: Dem opposition “growing”
Post Date: 2015-06-12 11:06:25 by Tooconservative
The White House demand for plenary negotiating authority (Trade Promotion Authority or TPA) on the Pacific Rim trade pact has done what many thought impossible unite the Left and the Right. In fact, its even united them on the same issue, the abuse of executive power
. although not in regard to the same policy areas. Key members in both caucuses and chambers on Capitol Hill want amendments to the TPA plan that will circumscribe executive power on immigration, climate change, and Wall Street regulation, reports William Mauldin at the Wall Street Journal: Rep. Paul Ryan (R., Wis.) is seeking to prevent President Barack Obama from using trade agreements to make changes to ...
Whites moving to Detroit, city that epitomized white flight
Post Date: 2015-05-21 12:54:25 by Willie Green
DETROIT (AP) Whites are moving back to the American city that came to epitomize white flight, even as blacks continue to leave for the suburbs and the city's overall population shrinks.Detroit is the latest major city to see an influx of whites who may not find the suburbs as alluring as their parents and grandparents did in the last half of the 20th century. Unlike New York, San Francisco and many other cities that have seen the demographic shift, though, it is cheap housing and incentive programs that are partly fueling the regrowth of the Motor City's white population."For any individual who wants to build a company or contribute to the city, Detroit is the perfect ...
Feds Spent $100 Billion on Food Assistance Last Year [Full Thread]
Post Date: 2015-05-21 07:35:19 by GrandIsland
109,930,090 Americans participated in overlapping programs The federal government spent $100 billion providing food assistance to Americans last year, according to the Government Accountability Office (GAO). The lions share of spending comes from the food stamp program, which gave benefits to an average 46 million Americans in 2014, at a cost of $74.6 billion, according to a testimonyfrom the GAOs Director of Education, Workforce, and Income Security Kay E. Brown before the House Subcommittee on Nutrition Wednesday. The national school lunch program was second, costing $11.3 billion, followed by the Special Supplemental Nutrition Program for Women, Infants, and Children ...
Once cash is banned they will be able to force you to buy products: “Just tax their excess account balance”
Post Date: 2015-05-19 09:33:03 by Deckard
In recent weeks weve seen numerous reports of how banks are actively working with governments to restrict cash usage. JP Morgan Chase, one of the worlds largest banks, has advised their customers that storing cash in their safe deposit boxes is no longer allowed for your safety, of course. The new policy sounds ridiculous but makes complete sense when you consider that you would then be left with no other choice than to hold your money exclusively in your bank account, where the bank will simply charge you for the privilege of depositing your funds in their fine financial institution. Any normal working class individual would have the same reaction youre ...
How to end boom and bust: make cash illegal
Post Date: 2015-05-13 16:20:54 by tpaine
www.telegraph.co.uk How to end boom and bust: make cash illegal Comment: Forcing everyone to spend only by electronic means from an account held at a government-run bank would give the authorities far better tools to deal with recessions and economic booms, writes Jim Leaviss Gordon Brown speaks in the first televised general election debate between Gordon Brown of the Labour Party , David Cameron of the Conservative Party and Nick Clegg of the Liberal Democrat Party at ITV1 North West base studios on April 15, 2010 Gordon Brown promised to 'end boom and bust' but a cashless world would have given him far more chance to achieve it, academics suggest Photo: Getty Images This ...
Moody's cuts Chicago credit ranking to junk
Post Date: 2015-05-13 11:52:51 by misterwhite
CHICAGO Debt-ravaged Chicago had its credit rating cut to junk on Tuesday by Moody's Investors Service, just days after the Illinois Supreme Court rejected a plan to overhaul the state's woefully underfunded state pension plan. Mayor Rahm Emanuel criticized Moody's as being "irresponsible" and noted that their dour outlook of Chicago's difficult financial situation is four to six steps out of line with other leading rating agencies. "While Chicago's financial crisis is very real and at our doorsteps, today's irresponsible decision by Moody's to downgrade the City's credit by two steps goes far beyond that reality," Emanuel said. ...
Japan’s Maglev Train Hits World Record 366 Miles Per Hour
Post Date: 2015-04-18 08:18:57 by Willie Green
Central Japan Railway Co. said its magnetic levitation bullet train hit 590 kilometers per hour (366 miles per hour) on Thursday and broke the previous speed record set 12 years ago by the company. The train was operated on a test course constructed in Yamanashi prefecture in central Japan. The previous record of 581 kilometers per hour was set in December 2003. A spokeswoman at the company, known as JR Central, said the new record is likely to be short-lived, since the next test ride on Tuesday might see the train break 600 kilometers per hour. Prime Minister Shinzo Abe is set to talk up Japans train prowess on a visit to the U.S. starting April 26. Mr. Abes trip includes ...
Without rules, financial markets don't work
Post Date: 2015-04-17 11:53:49 by A Pole
For too long, the opponents of financial reform have cast the debate as an argument between the pro-regulation camp and the pro-market camp. They generally put Democrats in the first camp and Republicans in the second. But that so-called choice gets it all wrong. Rules are not the enemy of markets. Without some basic rules and accountability, financial markets dont work. People get ripped off, risk-taking skyrockets, and markets fall apart. Rolling back the rules or firing the cops can be profoundly anti-market. Republicans claim loudly and repeatedly that they support competitive markets, but their approach to financial regulation is pure crony ...
Seattle Business Owner Raises His Workers' Minimum Pay to $70,000
Post Date: 2015-04-14 18:54:17 by GeorgiaConservative
A Seattle entrepreneur on Monday delivered a startling message to his employees he is raising the minimum pay for all of his employees to $70,000, while reducing his own pay to the same amount from about $1 million. Dan Price, the founder of Gravity Payments, said he increased the minimum pay to $70,000 because of concerns about income inequality and also because he wants his workers to not have to worry about basic needs. "Seattle is not the most affordable city and I want everyone that I know and care about to be able to do all the same basic stuff that I do," Price said. "I want them to be able to drive whatever car they want to drive as long as it's ...
National Data: STEM Wages’ Shocking Stagnation Destroys Case For Increased Immigration
Post Date: 2015-03-25 11:41:19 by nativist nationalist
Last weeks damaging Senate Judiciary Committee testimony (see here and here) suggests that legislation expanding H-1B program is going nowhere (which may be why the Regime is threatening one of its imperial decrees for guest workers: Indian IT Industry Gets a Boost As Obama Decides To Ease L-1B Visa Norms, by Mohul Gosh, Trak.in, March 24, 2015. But all the evidence you really need is in our chart above. (Mouseover for the underlying data). When a commodity is in short supply its price rises, thereby increasing supply, reducing demand, and eventually eliminating the shortage. If STEM workers were in short supply, their earnings would be increasing rapidly. Instead, the data show ...
Ayn Rand’s Worst Nightmare
Post Date: 2015-03-17 04:39:17 by A Pole
A few weeks ago a Colorado grassroots group, Be the Change, of which I am a board member, sponsored an all -day conference on public banking. I know, it sounds like the equivalent of an all- day climate debate between aging Republican Senators, but the public banking concept may have some value, it might even surprise you. Indeed, it could provide a source of funding for desperately needed infrastructure, particularly at the local level. Over 20 states are looking into the public banking option. But only one, North Dakota has a public bank, and it dates from the populist era, early in the last century. In a recent WSJ article the North Dakota bank was lauded for having a return on ...
Why 5.5 percent unemployment isn't as great as it seems
Post Date: 2015-03-07 13:59:02 by rlk
Why 5.5 percent unemployment isn't as great as it seems The job market, while improving rapidly, isn't as healthy as it looks. The Associated Press Mar 6th 2015 6:05PM Updated Mar 6th 2015 6:10PM WASHINGTON (AP) - Unemployment in the U.S. has dropped to a seven-year low of 5.5 percent - a level normally considered the mark of a healthy job market. Yet that number isn't as encouraging as it might sound. While U.S. employers added a solid 295,000 jobs in February, and the jobless rate fell from 5.7 percent, it went down mostly because many people gave up looking for work and were no longer officially counted as unemployed, the government reported Friday. What's more, wage ...
Pope Francis attacks 'throw-away' economic globalization [Full Thread]
Post Date: 2015-02-28 13:54:03 by Willie Green
(Reuters) - Pope Francis launched a fresh attack on economic injustice on Saturday, condemning the "throw-away culture" of globalization and calling for new ways of thinking about poverty, welfare, employment and society. In a speech to the association of Italian cooperative movements, he pointed to the "dizzying rise in unemployment" and the problems that existing welfare systems had in meeting healthcare needs. For those living "at the existential margins" the current social and political system "seems fatally destined to suffocate hope and increase risks and threats," he said. The Argentinian-born pope, who has often criticized orthodox market ...
Guest Post: "Coin Bars, Melts and The Bundesbank", by Ronan Manly
Post Date: 2015-02-12 02:04:10 by Dead Culture Watch
The Keys to the Gold Vaults at the New York Fed Part 3: Coin Bars, Melts and the Bundesbank by, Ronan Manly Part 1 of this series reviewed Federal Reserve Bank of New York (FRBNY) publications that cover the Feds gold storage vaults in Manhattan, and illustrated how the information in these publications has been watered down over time. Part 1 also showed that the number of foreign central bank customers storing gold with the FRBNY has fallen substantially since the late 1990s. Part 2 covered the Feds rarely discussed Auxiliary Vault and suggested that this auxiliary vault of the Fed is probably located in the neighbouring Chase ...
Where Is Germany's Gold? Almost half of GermanyÂ’s gold is stored in vaults under the streets of Manhattan. Or is it?
Post Date: 2015-02-11 00:32:49 by Pericles
Where Is Germany's Gold? Almost half of Germanys gold is stored in vaults under the streets of Manhattan. Or is it? Peter Boehringer hates the word conspiracy. It implies something crazy, and if you spend even a little time with the 45-year-old German, it becomes clear hes driven by a desire for order. On a recent morning in Munich, hes dressed in a cobalt blue shirt that matches his blue tie and blue eyes. His black hair is cropped close above his receded hairline. In his gray Volkswagen minivan, the cup holder contains two identical water bottles, each filled to the same level. At the end of a daylong interview, for which Boehringer has arranged an ...
In Search of Cheap Labor in Tech: Behind the H1-B Visa Scenes
Post Date: 2015-02-05 19:46:28 by Dead Culture Watch
In April, 2014, it emerged that Southern California Edison, a utility with about 14,000 employees at the time, was planning another round of layoffs. Most of them would be in its Information Technology Department, which had 1,800 employees and 1,500 contract workers. SCE admitted to the plan but told the LA Times that it hadnt finalized the number. State Senator Alex Padilla then told the paper that as many as 500 employees and 500 contractors would be let go. Laying off workers and outsourcing some functions was part of its ongoing efforts to act as cost effectively and prudently as possible in operations for its customers. These efforts at the IT department would ...
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