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Paul Merrell

Top 1% Got 93% of Income Growth as Rich-Poor Gap Widened - Bloomberg - 0 views

www.bloomberg.com/...-as-rich-poor-gap-widened.html

economy election 2012 income gap

shared by Paul Merrell on 08 Oct 12 - No Cached
  • The earnings gap between rich and poor Americans was the widest in more than four decades in 2011, Census data show, surpassing income inequality previously reported in Uganda and Kazakhstan. The notion that each generation does better than the last -- one aspect of the American Dream -- has been challenged by evidence that average family incomes fell last decade for the first time since World War II.
Paul Merrell

Paul Craig Roberts: Our Collapsing Economy and Currency - 0 views

www.informationclearinghouse.info/article33198.htm

war & peace economy currency financial-collapse

shared by Paul Merrell on 04 Dec 12 - No Cached
  • Is the “fiscal cliff” real or just another hoax? The answer is that the fiscal cliff is real, but it is a result, not a cause. The hoax is the way the fiscal cliff is being used. The fiscal cliff is the result of the inability to close the federal budget deficit. The budget deficit cannot be closed because large numbers of US middle class jobs and the GDP and tax base associated with them have been moved offshore, thus reducing federal revenues. The fiscal cliff cannot be closed because of the unfunded liabilities of eleven years of US-initiated wars against a half dozen Muslim countries--wars that have benefitted only the profits of the military/security complex and the territorial ambitions of Israel. The budget deficit cannot be closed, because economic policy is focused only on saving banks that wrongful financial deregulation allowed to speculate, to merge, and to become too big to fail, thus requiring public subsidies that vastly dwarf the totality of US welfare spending.
  • The real crisis facing the US is the impending collapse of the US dollar’s foreign exchange value. The US dollar’s value in relation to silver and gold has already collapsed. In the past ten years, gold’s price in US dollars has increased from $250 per ounce to $1,750 per ounce, an increase of $1,500. Silver’s price has risen from $4 per ounce to $34 per ounce. These price rises are not due to a sudden scarcity of gold and silver, but to a flight from the dollar into the two forms of historical money that cannot be created with the printing press.
  • What can be done? For a number of years I have pointed out that the problem is the loss of US employment, consumer income, GDP, and tax base to offshoring. The solution is to reverse the outward flow of jobs and to bring them back to the US. This can be done, as Ralph Gomory has made clear, by taxing corporations according to where they add value to their product. If the value is added abroad, corporations would have a high tax rate. If they add value domestically with US labor, they would face a low tax rate. The difference in tax rates can be calculated to offset the benefit of the lower cost of foreign labor. As all offshored production that is brought to the US to be marketed to Americans counts as imports, relocating the production in the US would decrease the trade deficit, thus strengthening belief in the dollar. The increase in US consumer incomes would raise tax revenues, thus lowering the budget deficit. It is a win-win solution.
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  • The second part to the solution is to end the expensive unfunded wars that have ruined the federal budget for the past 11 years as well as future budgets due to the cost of veterans’ hospital care and benefits. According to ABC World News, “In the decade since the Sept. 11, 2001 terrorist attacks on the World Trade Center, 2,333,972 American military personnel have been deployed to Iraq, Afghanistan or both, as of Aug. 30, 2011 [more than a year ago].” These 2.3 million veterans have rights to various unfunded benefits including life-long health care. Already, according to ABC, 711,986 have used Veterans Administration health care between fiscal year 2002 and the third-quarter of fiscal year 2011. http://abcnews.go.com/Politics/us-veterans-numbers/story?id=14928136#1 The Republicans are determined to continue the gratuitous wars and to make the 99 percent pay for the neoconservatives’ Wars of Hegemony while protecting the 1 percent from tax increases. The Democrats are little different.
  • No one in the White House and no more than one dozen members of the 535 member US Congress represents the American people. This is the reason that despite obvious remedies nothing can be done. America is going to crash big time. And the rest of the world will be thankful. America along with Israel is the world’s most hated country. Don’t expect any foreign bailouts of the failed “superpower.”
Paul Merrell

IMF criticises US spending cuts - Americas - Al Jazeera English - 0 views

www.aljazeera.com/...201361514211826626.html

Federal-Reserve-Bankster-Cartel Banksters economy sequestration

shared by Paul Merrell on 15 Jun 13 - No Cached
  • The International Monetary Fund has assailed US government spending cuts as "excessively rapid and ill-designed" as it cut the economy's growth forecast for 2014. Warning that the country still faces downside risks to its recovery, the IMF cheered the Federal Reserve's stimulus efforts and urged Congress to help firm up growth by repealing the severe "sequester" budget cuts. In its annual report on the US economy, the IMF said growth would be only 1.9 percent this year, due to the sequester's impact, when it had the potential of growing as much as 1.75 percentage points faster.
  • It suggested fundamental tax reforms as part of actions to confront the longer term fiscal shortfall, including eliminating many exemptions and loopholes, and introducing a value-added tax and a carbon tax. It credited the Federal Reserve's aggressive quantitative easing - its $85 billion-a-month bond purchases, to hold down interest rates - with keeping the economy on a sure footing as the government slashes spending.
  • Paul Merrell on 15 Jun 13
     
    Austerity cuts for the rest of the world but more spending and "quantitative easing" for the U.S. Banksters!
Paul Merrell

Oil And Gas Sector Troubles Drive Corporate Default Rate To Highest Level In Seven Year... - 0 views

www.ibtimes.com/t-level-seven-years-sp-2350598

economy corporate-defaults gas-oil-industry

shared by Paul Merrell on 13 Apr 16 - No Cached
  • The troubled oil and gas industry has been a big factor in driving global corporate defaults to their highest rate in seven years.Four more companies defaulted this week, bringing the overall tally to 40 so far this year, the ratings agency Standard & Poor’s said Friday in a research note. The last time defaults hit such heights was in the depths of the global recession in 2009.About one-third of that total, or 14 defaults, came from oil and gas companies, which are struggling to pay off debt acquired when oil prices were higher. U.S. crude prices are down more than 60 percent from their June 2014 peak of $105 a barrel, trading at around $39 a barrel Friday. Investors now face tens of billions of dollars in energy defaults as the worst oil crash in decades leaves drillers struggling to stay afloat.
  • Paul Merrell on 13 Apr 16
     
    In related news, the nation's largest coal company, Peabody Coal, just filed for bankruptcy. Several other coal companies already have, indicative of plummeting markets and prices for coal. 
Paul Merrell

Something Wicked This Way Comes | Zero Hedge - 0 views

www.zerohedge.com/...something-wicked-way-comes

economy Obama-legacy

shared by Paul Merrell on 25 Dec 16 - No Cached
  • Obama hoots about all the jobs added during his reign of error, but fails to mention that 94% of all jobs added since 2004 were either temporary or independent contractor jobs. Low wage, part-time, no benefits, Obama jobs don’t pay the bills. That’s why a record number of Americans have to work multiple jobs to survive. The narrative about an improving economy, thriving jobs market, and glorious future is bullshit. I know it. You know it. And your establishment puppeteers know it. But only “fake news” sites would dare reveal these inconvenient truths. The willfully ignorant public doesn’t want to know the truth, because that would require critical thinking and making tough choices. If the unemployment rate is really 4.6% and GDP is really growing, why are retail sales in the dumper, even with auto makers giving their cars away at 0% interest for six years if you can sign an X on a loan document? At the same time, the establishment reports soaring consumer confidence, while consumers don’t act confident at all. Do you believe these propaganda surveys or your own eyes. This Christmas (we’re allowed to use that word again now that Trump is on his way) shopping season is going to be atrocious. Retail sales over the last three months have grown at a pitiful 1.5%. If you adjust that for a true inflation rate of 5% or so, real retail sales are in decline. The bricks and mortar retailers are dying, as Amazon and other on-line outlets eat their lunch. The store closing announcements in February should be robust. More ghost malls coming to a neighborhood near you.
Paul Merrell

Economic Recovery Is Mostly A Myth For The 99 Percent - 0 views

shadowproof.com/...y-mostly-a-myth-for-99-percent

economy income-inequality stats

shared by Paul Merrell on 29 Dec 16 - No Cached
  • So, the rich have genuinely and thoroughly recovered from the crash of 2008. But what about everyone else? * 93 percent of U.S. counties haven’t recovered from the Great Recession according to the National Association of Counties. * According to Pew, the middle class is now no longer the majority in America. * The “recovery gap” has more than 50 million Americans living in economically distressed regions plagued by high levels of unemployment, poverty and fiscal anxiety. * Nearly 95 percent of all new jobs under President Barack Obama were part-time, or contract, which pay less and are precarious. * Due to unprecedented and often illegal home foreclosures by banks, the wealth gap between whites and blacks grew during the era of Obama. * 63 percent of Americans do not have enough savings to cover an unforeseen $500 bill. The only serious counterargument to this narrative is to note many of these trends preceded the Great Recession. That is sadly true. Workers have seen stagnant wages for decades and a decreasing share of income and wealth. As the Institute for Policy Studies notes, between 1983 and 2009, over 40 percent of all wealth gains flowed to the 1 percent and 82 percent of wealth gains went to the top 5 percent. President Obama said in 2013 that economic inequality was “the defining issue of our time.” If so, Obama largely failed to do anything meaningful to address this issue.
Paul Merrell

For First Time in Modern Era, Living With Parents Edges Out Other Living Arrangements f... - 0 views

www.pewsocialtrends.org/...gements-for-18-to-34-year-olds

economy 18-34-yr.-olds parents

shared by Paul Merrell on 29 May 16 - No Cached
  • In 2014, for the first time in more than 130 years, adults ages 18 to 34 were slightly more likely to be living in their parents’ home than they were to be living with a spouse or partner in their own household.
  • Paul Merrell on 29 May 16
     
    Meanwhile, back at Oligarch Ranch ....
Paul Merrell

Central asset bubbles, currency wars are destroying emerging markets | Sunday Guardian - 0 views

www.sundayguardianlive.com/...re-destroying-emerging-markets

economy Fed Bank-of-England European-Central-Bank hdge-funds bubbles real-estate

shared by Paul Merrell on 31 Jan 17 - No Cached
  • as the out-of-control cabal of central banks inflated grotesque asset bubbles in global property, stock, and fixed-income markets? Or are we to believe traditional media’s “fake news” mantra of “it’s different this time?” Well, bad news, folks. It’s never different, not this time, not anytime, never.  Capitalism is being destroyed The US Federal Reserve, the Bank of England, and the European Central Bank have become gargantuan, out-of-control, rogue hedge funds. They are loaded with non-elected academics operating in opaque groupthink bubble chambers, repeating the broken Keynesian economic mantra of “whatever it takes, more debt is good”. They have magicked-up 100s of trillions in debt and guarantees, while the US Federal Reserve has gobbled up over 90% of the US mortgage market. Global stock market valuations are buoyed by stock buybacks, funded by record corporate debt, and enabled by reckless central bank zero-interest-rate policies. Pay no attention to the fact that in the past few years, US stock indices have surged over 70% to new all-time highs, while profits have only risen an anaemic 2%. Today’s record amount of corporate debt is cannibalising corporations, by bringing future earnings forward, which makes future stagnation and collapse into bankruptcy a certainty. For the near term, CEOs will continue to receive record pay packets for out-performing the market, as their stock prices bubble like a rocket ship into outer space, while these actions decimate any long-term growth prospects.
  • In 2005, preceding the credit crisis and the subsequent nationwide property price collapse, US Federal Reserve chairman, Dr Ben Bernanke was asked about risks associated with a dangerous subprime housing bubble that could destabilise the economy.  Bernanke stated that “I disagree with your premise. We’ve never had a decline in house prices on a nationwide basis. So, what I think is more likely is that house prices will slow, maybe stabilise: might slow consumption spending a bit. I don’t think it’s going to drive the economy too far from its full employment path, though.” So, what led to history’s biggest financial crisis in 2006? Too much debt, credit, and leverage—proving that Fed Chair Ben Bernanke was dead wrong. What did we learn? Nothing, a big fat zero. In fact, property prices have recently eclipsed previous 2006 highs, bubbling to frothy new all-time highs, while real wages declined and high-paying jobs have disappeared. 
  • Real estate is an asset but not an asset class because it lacks liquidity. It takes time to sell property and the difference between what a buyer is willing to pay and what a seller is willing to sell for may be huge. For example, a buyer may be willing to pay $750,000, but the seller will only sell at $900,000. In good times, frenzied buyers create “bidding wars” on coveted properties, sometimes rocketing the price 30% above the original offer. This is terrific if you are a property owner or property seller, but not so much if you are a first-time buyer. In bad times, prices collapse and the only price a buyer is willing to pay for the $900,000 home above is $90,000. Great for buyers, but not so great for the owner, who holds a mortgage of $700,000 that must be repaid to a bank.  During these boom times, optimism bias creeps into the minds of buyers, allowing them to pay off the charts, wildly inflated, irrational prices for fear of “missing out”. Optimism bias is a cognitive bias that causes a person to (mistakenly) believe nothing negative could ever happen to them. It is a “close your eyes and buy at new all-time highs” belief system. If the prices collapse, the banks can require more capital. If you do not have more capital, the bank can take your property. If the government wants to increase your taxes, you must pay or they will confiscate your property. In fact, property confiscations are already happening in Greece and Italy.  Commercial and residential real estate are now grotesque asset bubbles ready to explode. 
Gary Edwards

How can Obama say the economy is getting better? | Western Free Press - 0 views

www.westernfreepress.com/...-the-economy-is-getting-better

Banksters Economy Great-Recession Obammunism

shared by Gary Edwards on 20 Feb 12 - No Cached
  • Gary Edwards on 20 Feb 12
     
    Devastating charts comparing the percentage of Americans in the work force from January 2000 through February 2012.  The most interesting numbers show that the recession began in December of 2007, and ended in June of 2009 - yet it is after that June 2009 date that the % of Americans in the workforce begins to drop like a rock!  This is after the Obmaulous stimulous $1.2 Trillion, the Federal Reserve Bankster Cartels secret $16.1 Trillion, and, the magnificent cash-for-clunkers crap. Meanwhile, back in la la land, Obama thinks the problem is that we all need free contraceptives, free abortions and free sex-change coverage in our health insurance.  The Obama Spend-Borrow-Bail train has left the station.  Next stop?  War with Iran.  More powerful a phony narrative than contraceptives, abortions, and fear of a conservative repubican praying in the White House.  Besides, those bastards are refusing to use the dollar as the settlement currency for their oil sales!  Time to put them in the dirt along with that rogues gallery of tyrants who also defied the Federal Reserve International Bankster Cartel, demanding settlement currencies measured in GOLD instead of paper dollars; gallery includes notables such as Saddam Hussein, Muammar Gaddafi, and the Shah of Iran. Nothing like the Marines and the Seventh Fleet being unleashed to turn around the dismal poll numbers stubbornly connected to the even more dismal disaster known throughout the hinterland of bitter clingers as the economic truth. excerpt: Is President Obama relying on the Bureau of Labor statistics to manipulate the unemployment numbers to make them look better than they are? The real rate is probably more like 11.5%, and we have seen analyses that indicate that unemployment hasn't actually fallen at all under Obama: So what is going on here? The big problem is that people are giving up. Obama and the Democrats' job-killing regulations and climate of uncertainty are stifling innovation and inv
Paul Merrell

Young U.S. Adults Flock to Parents' Homes Amid Economy - Bloomberg - 0 views

www.bloomberg.com/...s-homes-amid-sour-economy.html

economy hard times

shared by Paul Merrell on 27 Sep 12 - No Cached
  • The number of 26-year-olds living with parents has jumped almost 46 percent since 2007, according to Census Bureau data compiled by the University of Minnesota Population Center. Last year, the number of 18- to 30-year-olds living with their parents grew to 20.7 million, a 3.9 percent gain from 2010. The figures underscore the difficulty that millions of young people have had in finding jobs and starting careers in the U.S. following the longest recession since the Great Depression. About a quarter of American adults between the ages of 18 and 30 now live with parents, while intergenerational households have reached the highest level in more than 50 years.
Paul Merrell

Anti-austerity violence: Video of riot police clashing with protesters in Madrid - YouTube - 0 views

www.youtube.com/watch

hard times economy Spain

shared by Paul Merrell on 27 Sep 12 - No Cached
  • Riot police clash with protesters as they have ringed the Spanish parliament in Madrid where thousands gather for a march against austerity tagged "Occupy Congress".
Paul Merrell

NBC News poll: Pessimism defines the state of the union - NBC Politics - 0 views

nbcpolitics.nbcnews.com/...defines-the-state-of-the-union

polls Obama Congress economy

shared by Paul Merrell on 29 Jan 14 - No Cached
  • As President Barack Obama enters his sixth year in the White House, 68 percent of Americans say the country is either stagnant or worse off since he took office, according to the latest NBC News/Wall Street Journal poll.Just 31 percent say the country is better off, and a deep pessimism continues to fuel the public's mood. Most respondents used words like “divided,” “troubled,” and “deteriorating” to describe the current state of the nation. On the eve of Tuesday’s State of the Union address, more than six-in-10 Americans believe that the nation is headed in the wrong direction and 70 percent are dissatisfied with the economy. 
  • It’s not just Obama under fire. A whopping 81 percent disapprove of Congress and twice as many Americans now hold negative views about the Republican Party as positive ones. Democratic pollster Fred Yang, whose firm conducted this survey with Republican pollster Bill McInturff, compares these findings to the 1993 movie “Groundhog Day,” in which the protagonist finds himself living the same day over and over. “It seems like we’ve been re-living the same basic dynamics -- a public that is anxious, dissatisfied and dismayed -- in a continuous loop,” he said. 
  • Also, for the third-straight survey, those who view Obama negatively (44 percent) outnumber those who view him positively (42 percent). According to GOP pollster McInturff, the president’s net-negative personal rating makes it more challenging for him to boost his overall job-performance number. “His personal standing has taken a … hit that makes trying to restore your job approval very difficult.”
  • ...4 more annotations...
  • In more tough numbers for the president, only a combined 40 percent say they are “optimistic and confident” or “satisfied and hopeful” about the president’s remaining time in office. By contrast, a combined 59 percent say they are “uncertain and wondering” or “pessimistic and worried.”  Advertise | AdChoices And by a 39 percent to 31 percent margin, Americans believe the country is currently worse off compared with where it was when Obama first took office; 29 percent say it’s in the same place. 
  • Only 28 percent believe the country is headed in the right direction, while 63 percent say it’s on the wrong track. What’s more, 71 percent are dissatisfied with the state of the economy (although more than 60 percent say they’re satisfied with their own financial situation).  Advertise | AdChoices And when respondents were asked which one or two words best describe the current state of the nation, the top answers were all negative: “divided” (37 percent), “troubled” (23 percent), and “deteriorating” (21 percent). 
  • Those answers were followed by “recovering” (19 percent), “broken” (14 percent), and “hopeful” (13 percent). And just 3 percent of all respondents picked “strong.” 
  • According to poll, just 13 percent approve of Congress’ job – 1 point off the all-time low in the poll – while 81 percent disapprove. The Republican Party’s favorable/unfavorable score stands at an upside-down 24 percent to 47 percent rating (versus the Democratic Party’s 37 percent to 40 percent favorable/unfavorable score). And a majority of Americans -- 51 percent -- say Republicans in Congress are too inflexible in their dealings with Obama, while 39 percent say the same of the president. 
Paul Merrell

The Incredible, Shrinking Presidency of Barack Obama » CounterPunch: Tells th... - 0 views

www.counterpunch.org/...ing-presidency-of-barack-obama

Obama polls stats economy Obama-failure

shared by Paul Merrell on 21 Dec 13 - No Cached
  • According to a new Washington Post-ABC poll, Barack Obama now ranks among the least popular presidents in the last century. In fact, his approval rating is lower than Bush’s was in his fifth year in office. Obama’s overall approval rating stands at a dismal 43 percent, with a full 55 percent of the public “disapproving of the way he is handling the economy”. The same percentage  of people “disapprove of the way he is handling his job as president”.  Thus, on the two main issues, leadership and the economy, Obama gets failing grades. An even higher percentage of people are upset at the way the president is implementing his signature health care system dubbed “Obamacare”.  When asked “Do you approve or disapprove of the way Obama is handling “implementation of the new health care law?” A full 62% said they disapprove, although I suspect that the anger has less to do with the plan’s “implementation” than it does with the fact that Obamacare is widely seen as a profit-delivery system for the voracious insurance industry.  Notwithstanding the administration’s impressive public relations campaign, a clear majority of people have seen through Obama’s health care ruse and given the program a big thumb’s down.
  • Of course, Obamacare is just the straw that broke the camel’s back. The list of policy disasters that preceded this latest fiasco is nearly endless,  including everything from blanket pardons for the Wall Street big-wigs who took down the global financial system, to re-upping the Bush tax cuts, to appointing a commission of deficit hawks to slash Social Security and Medicare (Bowles-Simpson), to breaking his word on Gitmo, to reneging on his promise to pass Card Check, to expanding to wars in Africa, Asia and the Middle East, to droning 4-times as many civilians as the homicidal maniac he replaced as president in 2008.
  • All told, Obama has been bad for the economy, bad for civil liberties, bad for minorities,  bad for foreign wars, and bad for health care. He has, however, been a very effective lackey-sock puppet for Wall Street, Big Pharma, the oil magnates, and the other 1% -vermin Kleptocrats who run the country and who will undoubtedly attend his $100,000-per-plate speaking engagements when he finally retires in comfort to some gated community where he’ll work on his memoirs and cash in on his 8 years of faithful service to the racketeer class.
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  • Everything has gotten worse under Obama. Everything. And, not once, in his five years as president, has this gifted and charismatic leader ever lifted a finger to help the millions of people who supported him, who believed in him, and who voted him into office. These latest poll results indicate that many of those same people are beginning to wake up and see what Obama is really all about.
  • Paul Merrell on 21 Dec 13
     
    A well-written rant from a progressive about Obama's failure as a President, supported by lots of poll results and statistics. But I find it amusing that Obama's harshest progressive critics mostly choose to view him as a failure rather than recognizing that his campaign promises and claims to be a progressive were lies. Obama has been an incredibly successful president for his real constituency, the banksters, the giant multinational corporations, the military industry, etc. Apparently it's more difficult for progressives to recognize the man for what he really stands for than to accept that they were suckered into voting for another political shyster whose real constituency are corporatist/globalist interests. They'd rather view him as a failed progressive with a still pure heart than believe that his campaign promises were lies.  But to me, Obama's behavior speaks far more loudly about his real goals than his words. 
Paul Merrell

Obamacare Full Frontal: Of 953,000 Jobs Created In 2013, 77%, Or 731,000 Are Part-Time ... - 0 views

www.zerohedge.com/...013-77-or-731000-are-part-time

economy job-stats

shared by Paul Merrell on 04 Aug 13 - No Cached
  • When the payroll report was released last month, the world finally noticed what we had been saying for nearly three years: that the US was slowly being converted to a part-time worker society. This slow conversion accelerated drastically in the last few months, and especially in June, when part time jobs exploded higher by 360K while full time jobs dropped by 240K. In July we are sad to report that America's conversation to a part-time worker society is not "tapering": according to the Household Survey, of the 266K jobs created (note this number differs from the establishment survey), only 35% of jobs, or 92K, were full time. The rest were... not.
Paul Merrell

The Financial Crisis | The White House - 2 views

www.whitehouse.gov/five-years-later

Obama economy budget spin lies

shared by Paul Merrell on 18 Sep 13 - No Cached
  • But five years after Lehman Brothers' bankruptcy, we want to help everyone get the context and see the full picture. To mark the anniversary, we've asked senior staff from across the Obama administration to sit down and talk about the moments when key decisions were made — the factors they weighed, the results of the actions that President Obama took. Check out a behind-the-scenes look of the decision-making process that you won't find anywhere else.
  • Paul Merrell on 18 Sep 13
     
    "- Home prices rising at the fastest   pace in 7 years"
Paul Merrell

The U.S. Has REPEATEDLY Defaulted | Washington's Blog - 2 views

www.washingtonsblog.com/...-has-repeatedly-defaulted.html

U.S. economy government-debt debt-default debt-battle

shared by Paul Merrell on 14 Oct 13 - No Cached
  • It’s a Myth that the U.S. Has Never Defaulted On Its Debt Some people argue that countries can’t default.  But that’s false. It is widely stated that the U.S. government has never defaulted.  However, that is also a myth.
  • Gary Edwards on 16 Oct 13
     
    Excellent article Paul! But it left me in tears. The bastardos are destroying the currency. Quick Count of The U.S. defaulting on its debt obligations: ... Continental Currency in 1779 ... Domestic debt between 1782 through 1790 ... Greenbacks in 1862 ... Liberty Bonds in 1934 ... 1933 Dollar to GOLD devaluation (1/35 th per ounce) ... 1971 Nixon ends GOLD backing of dollar, violating the terms of the Bretton Woods Agreement ... 1979 Treasury defaults, refusing to redeem maturing treasury bonds The only thing keeping the American Economy going is the massive rush to convert the fiat currency the Federal Reserve is churning out into hard assets; like land and corporate stock. In 2008 the Federal Reserve Bankster Cartel pumped $29 Trillion into the world banking system. They continue to pump $85 Billion per month into Bankster financial markets, buying up bad mortgage paper and backstopping the many insured derivatives scams now unwinding. The Banksters were bust in 2008, but are now flush with more dollars than anyone knows what to do with. Instead of "loaning" this money out, and investing in traditional business productivity, they use the freshly minted dollars to purchase hard assets. Business loans would provide profit based on interest - a gambit that requires confidence in the value of the dollar since the dollar is the measure of the economic reward. The purchase of hard assets is different. The "value" is not in the profitability of the investment, as measured in fiat currency. The value is in hard asset and any future economic power that asset holds through the expected currency crash. The only mystery here is that of military might. How do the banksters and global elites protect their assets in the future collapse they have made certain? Oh wait - private security companies capable of waging war. It's no accident that the early geopolitical energy wars of the 21st century saw a massive buildup of private corporate military and i
Paul Merrell

EXCLUSIVE: Chase to Charge Customers Fees For Handing Cash Deposits - Top US World News... - 0 views

www.occupycorporatism.com/...e-customers-fees-cash-deposits

economy banksters savings-accounts

shared by Paul Merrell on 10 Jun 14 - No Cached
  • Beginning August 1st of this year, JP Morgan & Chase Co. will charge their customers for depositing cash into their accounts. According to an internal document sent to account holders, in less than a month from now “the fee for all types of Cash Deposit Processing (CDP) will be $0.25 per $100 [deposited]. The CDP fee will only apply after you exceed your account’s cash deposit limit.” One reason for Chase to charge their customers a fee on cash deposits may reside in the fact that the major banks are “charging customers who deposit lots of cash.” Wherein Chase is charging customers for every $100 in cash deposited, other banks are charging on every cash deposit of $10,000; or $0.20 on every $100 deposited. Kris Dawsey, economist for Goldman Sachs, warned about banks charging customers fees for simply depositing cash into their account in 2013.
  • When asked about a meeting of the Federal Reserve (Fed) Board and the Federal Open Market Committee (FOMC), wherein it was revealed that the 0.25% annual interest rate on money that the banks keep in the Fed would be reduced, Dawsey said: “One risk is that the move could prompt charges … on bank deposits.” Last November, Kristin Lemkau, spokesperson for JP Morgan & Chase Co said: “We have no intention of charging for retail customer deposits.” However this promise has not been kept. David George, analyst for Robert W. Baird & Co, explains that the financial institutions “would need to find alternative revenue sources to compensate” because of this decline in the Fed’s interest rate and fees on deposits “would be the most likely” option.
  • George said: “Having a bank account is a service, like the water and electric bill. And it has become less and less profitable.” Wayne Abernathy, executive vice president of the American Bankers Association confirmed: “Banks could respond to a drop in the Fed’s interest rate by charging a fee to large business customers that hold millions of dollars in savings accounts. Banks must bear the expense of managing that money.” Analysts say the Durbin Amendment within the Dodd Frank Act which limited fees imposed by merchant retailers onto banks who issue debit cards “has effectively hit consumer-banking revenues pretty hard.” When accessing debits, banks view checking accounts as high-risk and costing “a lot of money” to the banks.
  • Paul Merrell on 10 Jun 14
     
    Remember the days when banks' only source of money to lend was customer deposits?
Paul Merrell

ITAR-TASS: Economy - Russia wants to replace US computer chips with local processors - 0 views

en.itar-tass.com/736804

Russia microprocessors economy NSA-reform

shared by Paul Merrell on 24 Jun 14 - No Cached
  • MOSCOW, June 19. /ITAR-TASS/. Russia’s Industry and Trade Ministry plans to replace US microchips Intel and AMD, used in government’s computers, with domestically-produced micro processor Baikal in a project worth dozens of millions of dollars, business daily Kommersant reported Thursday. The Baikal micro processor will be designed by a unit of T-Platforms, a producer of supercomputers, next year, with support from state defense conglomerate Rostec and co-financing by state-run technological giant Rosnano.
  • The first products will be Baikal M and M/S chips, designed on the basis of 64-bit nucleus Cortex A-57 made by UK company ARM, with frequency of 2 gigahertz for personal computers and micro servers. The Baikal chips will be installed on computers of government bodies and in state-run firms, which purchase some 700,000 personal computers annually worth $500 million and 300,000 servers worth $800 million. The total volume of the market amounts to about 5 million devices worth $3.5 billion.
  • Paul Merrell on 24 Jun 14
     
    Wish there was more detail. Is this to save money, to protect from NSA intrusion, to lessen dependence on a U.S.-controlled critical technology, to wage economic warfare against the U.S., other?
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