ECONOMY | WHAT REALLY HAPPENED

ECONOMY

Nov 29 10:37

Amazon Hiring 2,800 Workers A DAY As Corona Lockdowns Crush Small Biz Competitors

Amazon's workforce has surged over 50 percent in just one year with the company embarking on an "unrivaled" hiring spree as hundreds of thousands of small businesses deemed "unessential" were put out of business due to tyrannical corona lockdowns.

Nov 29 09:32

It’s Time To Pick A Side

Nov 29 08:54

Bank of France Governor Attacks 'Dangerous' Italian Plans for Covid Debt Cancellation

The move comes after Italian Prime Minister Giuseppe Conte’s economic adviser Riccardo Fraccaro said on 26 November that European Central Bank monetary policy should support the eurozone by “cancelling sovereign bonds bought during the pandemic or perpetually extending their maturity.”

Italy and France are at loggerheads over monetary policy after the governor of the Bank of France hit back at Italian demands to cancel trillions of euros in bonds bought by the European Central Bank (ECB) this year as part of stimulus efforts designed to mitigate the impact of the coronavirus on eurozone economies.

Governor of the Bank of France Francois Villeroy de Galhau said that plans to cancel the debt could backfire in an interview with Ouest France.

“To consider debt cancellation would be a very dangerous path,” he told the outlet.

Nov 29 08:53

Maurice Strong And The Roots Of The Great Reset Agenda

According to such Great Reset luminaries as Bill Gates, Prince Charles, Michael Bloomberg, Mark Carney, and the World Economic Forum’s Klaus Schwab, humanity is expected to solve the dual threat of COVID and global warming in one revolutionary sweeping reform.

We plebeians have been told that all we have to do to restart the economy is rewire everything about our behaviour, value, finance, and ethics in order to decarbonize civilization under a new world regime of central bankers and new green digital currencies as outlined by the World Economic Forum’s Green Horizon Summit from Nov 9-10, 2020. It was at this event that keynote speaker Mark Carney announced that the total net zero transition represents “the greatest commercial opportunity of our time.”

Nov 29 08:00

Venezuela resumes direct China oil deliveries despite US sanctions

Venezuela has reportedly resumed direct oil shipments to China after brutal US sanctions against the Central American nation forced the trade to go underground for more than a year.

Two China-flagged very large crude carriers (VLCC) with the capacity to transport some nearly 2 million barrels of crude each loaded Venezuelan heavy crude at the Jose terminal in recent days, Reuters reported Friday citing internal documents from Venezuela’s state oil company, Petroleos de Venezuela (PDVSA) and Refinitiv Eikon vessel-tracking data.

One of the vessels, the Xingye, departed from Venezuela on Thursday signaling Singapore as its destination, Eikon data showed. The other carrier -- the Thousand Sunny -- has not yet set sail, according to the report, which noted that both tankers were owned by a PDVSA-PetroChina joint venture until earlier this year when PetroChina assumed full ownership.

Nov 29 07:45

Facebook Censorship Algos Go Haywire, Blocking Ads From Struggling Legitimate Businesses As "Hate Speech"

In what is definitely some type of Karmic payback for social media companies now appending some type of label to what seems like every other post nowadays, Facebook just found out that its super-duper censoring algorithm also banned advertisements from some struggling businesses, mistaking them as hate speech.

We love it when a plan comes together.

One woman, Ruth Harrigan, who advertises on Facebook to sell her honey and beeswax-based products, told Bloomberg she thought she missed out on an estimated $5,000 in revenue after Facebook mistakenly banned her ads right before black Friday.

She said: “I was getting a little anxious thinking, ‘Oh my God, Black Friday is around the corner, most of my sales for the year happen in November and December and that’s it,'. I said, ‘If I’m shut down any longer than this, it’ll cripple me.’”

Nov 29 05:50

How To Spot The End Of An Excess Phase

Nov 29 04:47

Sell signal? Investors are too greedy

Nov 28 12:48

WHO OWNS BITCOIN ?

Nov 28 11:57

Hundreds of Florida renters evicted during pandemic despite CDC order

"...Nicole Kelley felt confident when she dialed into her eviction hearing in late September.

A Lyft driver whose income had dropped off during the pandemic, she had submitted to the court a copy of the Centers for Disease Control and Prevention form in which she swore, under penalty of perjury, that she fit the criteria to be protected from eviction until 2021.

But the hearing lasted five minutes, and she felt like the judge barely acknowledged the form. A few weeks later, her landlord texted to say she had to be out in three days. She sat on the floor of her Brandon rental duplex and cried..."

Nov 28 08:25

Venezuela resumes direct China oil deliveries despite US sanctions

Venezuela has reportedly resumed direct oil shipments to China after brutal US sanctions against the Central American nation forced the trade to go underground for more than a year.

Two China-flagged very large crude carriers (VLCC) with the capacity to transport some nearly 2 million barrels of crude each loaded Venezuelan heavy crude at the Jose terminal in recent days, Reuters reported Friday citing internal documents from Venezuela’s state oil company, Petroleos de Venezuela (PDVSA) and Refinitiv Eikon vessel-tracking data.

One of the vessels, the Xingye, departed from Venezuela on Thursday signaling Singapore as its destination, Eikon data showed. The other carrier -- the Thousand Sunny -- has not yet set sail, according to the report, which noted that both tankers were owned by a PDVSA-PetroChina joint venture until earlier this year when PetroChina assumed full ownership.

Nov 28 08:20

House Down Payments Soar To 20 Year High As Banks Crack Down On New Loans

American homebuyers have to pony up even greater amounts of money for a down payment due to tightening credit standards and skyrocketing home prices.

According to Bloomberg, citing a new report from Attom Data Solutions, the median down payment for a single-family home is $20,775 for the third quarter, the most in at least two decades and up more than 69% from $12,325 a year earlier. Over the last year, the jump in the down payment cost outlines how lenders have become more cautious in these uncertain economic times.

It was also noted borrowers paid 6.6% of the median sale price of homes financed over the quarter, up from 4.7% a year earlier and the highest level since 2018. On average, borrowers were loaned around $275,000, the highest since 2000, up 24% from last year's third quarter.

Todd Teta, chief product officer at ATTOM Data Solutions, said, "down payments are rising at a time when lenders are tightening their guidelines."

Nov 28 08:04

We need more inflation.

Nov 28 01:21

More Silicon Valley tech talent is flocking to Austin, Texas, during the pandemic. Here's what it's like in the growing tech hub of 'Silicon Hills.'

Austin, Texas, is a hotbed for millennials, has a vibrant music scene, and is the country’s fastest-growing major metro area.

It’s also where droves of tech talent from Silicon Valley and beyond are headed, if they haven’t landed there already. Google, Facebook, Atlassian, and Oracle have thousands of workers in Austin collectively.

And most recently, Apple announced that it’s shelling out $1 billion for a new campus in North Austin, with the potential to add 15,000 more workers to its existing 7,000.

Austin’s considerably lower cost of living offers a nice reprieve from the sky-high costs in the Bay Area. Big tech has grown more in the last eight years especially, but the tech boom isn’t Austin’s first rodeo – the industry has a long history in the capital city. Here’s how the tech industry has ballooned in Austin – and why “Silicon Hills” is so appealing to workers and companies alike.

Nov 27 19:54

Why Are Stock Markets Booming? Danielle Park

Nov 27 17:57

“Dark Winter” Reality – Millions Of Americans Are Expected To Lose Their Homes

On Monday, we noted that on Dec. 31 many of the key provisions in the CARES Act are set to expire if there is no action from Congress. This could be catastrophic for 12 million America who will lose access to their Emergency unemployment benefits activated in the aftermath of the covid pandemic, which alone could be a drag of up to 1.5% to growth in 1Q, according to a recent Bank of America report.

Nov 27 09:52

As Silicon Valley gets disrupted by the pandemic, this CEO says tech companies should look to Canada to expand

Yung Wu is an entrepreneur, VC, and the CEO of MaRS Discovery District, a startup innovation hub located in Toronto.

Amid the pandemic and surge in remote work options, Wu says tech founders and workers should look beyond Silicon Valley to expand their businesses.

In Canada, Wu says private and public sectors are able to collaborate for effectively, and that various funding programs, pandemic-related grants, and wage subsidies allow employers to operate with more support.

An immigrant himself, Wu adds that Canada's warm embrace of diversity and immigration makes it a excellent destination for innovators of all backgrounds to enjoy high quality of life.

Nov 27 09:47

Fortnum & Mason boss gives dire forecast that a 'THIRD of British retail brands will disappear' by MARCH after 80% plunge in footfall due to lockdown and shoppers avoiding the West End

Ewan Venters said the Government's new strict tier system, which bans people meeting anyone outside their household indoors, would restrict the number of shoppers venturing into stores over the crucial Christmas period.

He told BBC Radio 4's Today programme: 'I predict that by the end of the first quarter of next year up a third of British retail brands will disappear.'

Nov 27 09:45

Sir Philip Green ‘has used up his last lifeline’: Experts warn Topshop empire Arcadia Group faces 'inevitable' ruin within days - putting 13,000 jobs at risk at 'worst possible time' just before Christmas

In what could be the biggest UK corporate collapse of the coronavirus pandemic so far, the group is set to appoint administrators from Deloitte as early as next Monday although the plans could still be delayed.

The revelations emerged on Black Friday today as non-essential retailers in England stayed shut while the four-week lockdown continues, with the crisis having already claimed 250,000 job losses or potential redundancies.

The move, which is said to have come after Sir Philip could not secure an emergency £30million loan to keep the retail giant afloat, puts its 13,000 staff at risk of redundancy, four months after it axed 500 roles in its head office.

Bosses at the Usdaw union said it was 'a devastating blow for workers at Arcadia and could not have come at a worse time, just before Christmas', adding that they were seeking urgent meetings with management.

Nov 27 08:59

Biden and Yellen Pushed Gold to $1,800

Nov 27 08:54

ALL 3 RESETS LEAD TO GOLD

Nov 27 07:22

Another Massive Resolute Buy?

Nov 27 06:55

Eat Your Lemon!

The G20 leaders have reached a consensus of a magnitude previously observed at Warsaw Pact summits. News in brief: they want to vaccinate us, and then, before we become restless, switch to combating global warming. If we survive masks and vaccines, austerity will kill off the survivors.

Remember, before the pandemic there was Greta? Greta will return, as soon as everyone gets a jab. This Save-The-World program appeals to a significant part of humanity, including Russians, Europeans, Americans. First, a jab to save us; then, save the planet from warming. So much of this world-saving is straight out of a comic strip. Now let us take time to look at what is happening.

Nov 27 06:44

In Delusional Push, LBMA Threatens to Blacklist Entire Gold Trading Centers

In a move in early November which is already causing controversy, self-styled gold market authority, the bullion-bank controlled London Bullion Market Association (LBMA), issued a letter to a group of leading bullion markets around the world, threatening to blacklist gold bullion from any country that fails to meet new LBMA recommendations covering gold sourcing and supply chains, the elimination of cash transactions, and the support for artisanal and small scale mining (ASM).

These recommendations, which have no legal standing, attempt to coerce the bullion markets into examining and verifying the supply chains of gold, while forcing co-operation with regional and international organizations.

Nov 27 06:40

Gold Suggests Stocks Will Crash Soon

Nov 27 06:39

Lou Dobbs & Trump Brag About The Stock Market As Americans Go Hungry

Nov 27 06:03

Dow 30,000: Fed Gets the Credit and the Blame

Nov 26 17:51

Four in five pubs unviable under new 'lockdown by stealth'

Four in five pubs across England will be rendered unviable or be forced to close under tough new restrictions as bosses accused Boris Johnson of extending lockdown “by stealth”.

Under England’s new tier system that takes effect on Wednesday, pubs and restaurants in tier 3 areas can only offer takeaways, while those in tier 2 will only be allowed to serve alcohol if it is ordered with a "substantial" meal.

Different households are also banned from socialising indoors under tier 2 rules.

According to the British Beer and Pub Association, this will prevent 30,000 of England’s 37,500 pubs from reopening or make them financially unviable.

Nov 26 14:31

U.S. billionaires have grown their wealth by more than $1trillion since the COVID-19 outbreak began in March - while 29 of them have at least doubled their worth through the pandemic

The analysis found that the 650 billionaires gained $1.008 trillion in wealth between March 18, 2020 and November 24, 2020 and are now worth a combined total that is close to $4trillion.

Of this group, 29 billionaires doubled their wealth since March and 36 new billionaires have been made.

Nov 26 14:00

As good as it gets, folks.

Nov 26 09:27

Russia Can, the United States Can’t Cut the Ice

Ice-class vessels will be able to travel in the Leader’s convoy in heavy ice conditions at almost the same speed as in clear water. And this has a direct impact on the economic attractiveness of the Northern Sea Route”
Russia has large-scale plans in the Arctic – and the world’s most powerful nuclear icebreakers will ensure Russia’s presence in this crucial region. Three icebreakers of the LK-120YA Leader project will be built according to the strategy for the development of the Arctic zone until 2035 approved by the President of the Russian Federation. What is unique about this ship and what tasks will it solve?

Nov 26 08:29

GM recalling 7 million vehicles for airbag problems after losing fight with safety regulator

GM is recalling 7 million pickups and SUVs worldwide with airbags made by the same manufacturer whose airbags are linked to at least 17 deaths in the United States.

The National Highway Traffic Safety Administration ordered a US recall on Monday, rejecting GM's argument that this version of the airbags didn't need to be replaced.

The recall centers on a defect in airbags made by Takata, a now-bankrupt Japanese manufacturer, that caused the bags to explode, spraying shrapnel through the vehicle. In addition to the deaths, other drivers or passengers have been blinded or maimed.

Nov 26 07:49

Who Pressed the Great Reset Button?

What is this “Great Reset” we’re now hearing about? In a nutshell, the Great Reset refers to a global agenda to monitor and control the world through digital surveillance.

As explained by journalist James Corbett in his October 16, 2020, Corbett Report below,1 the Great Reset is a new “social contract” that ties every person to it through an electronic ID linked to your bank account and health records, and a social credit ID that will end up dictating every facet of your life.

It’s about “getting rid of capitalism” and free enterprise, and replacing them with so-called “sustainable development” and “stakeholder capitalism” — terms that belie their nefarious, anti-humanity intents. As noted in the book, “Technocracy: The Hard Road to World Order”:2

Nov 26 07:47

Improper Payments: Analyzing $2.3 Trillion Mistakenly Spent By The U.S. Government Since 2004 | OpenTheBooks Oversight Report

1. TOTAL MISTAKES

$175 billion in estimated improper payments reported by the 20 largest federal agencies, averaging $14.6 billion per month. Total (FY2004-FY2019): $2.3 trillion.

2. WORST PROGRAMS

Billion-dollar Boondoggles: $121 billion (approximately 69 percent) in improper payments occurred within three program areas – Medicaid, Medicare, and Earned Income Tax Credit.

3. CLAW BACK

Recapture totaled $21.1 billion of the $175 billion improper payments during 2019 — roughly 14 cents on every dollar misspent. Five-year total: $103.6 billion recaptured/ $747.7 billion improperly spent.

Nov 26 07:31

Millions of Americans Expect to Lose Their Homes as Covid Rages

Millions of Americans expect to face eviction by the end of this year, adding to the suffering inflicted by the coronavirus pandemic raging across the U.S.

About 5.8 million adults say they are somewhat to very likely to face eviction or foreclosure in the next two months, according to a survey completed Nov. 9 by the U.S. Census Bureau. That accounts for a third of the 17.8 million adults in households that are behind on rent or mortgage payments.

The CARES Act, signed into law last March, allows homeowners to pause mortgage payments for up to a year if they experience hardship as a result of the pandemic. Borrowers who signed up at the start of the program could face foreclosure by March.

Nov 26 07:07

How Joe Biden helped spark the Global Financial Crash of 2007-2008

As a Senator from Delaware, Joe Biden was one of the major promoters of the Bankruptcy Abuse and Consumer Protection Act of 2005 (BACPA).

Written by banks and credit card companies being swamped by rapidly rising rates of personal bankruptcy in the early 2000s, BACPA made it much more difficult for individuals to enter formal bankruptcy.

Not surprisingly, it did not occur to American financial and political elites, like Senator Joe Biden, that simply making it more difficult for individuals to declare bankruptcy did absolutely zilch to solve the economic hard times suffered by people who are bankrupt.

So, what do you think people in financial straits did when they can no longer file for bankruptcy?

Yep, kiddies, lots of them stopped paying their home mortgages. This was especially noticeable at the time for subprime mortgages.

Nov 26 07:06

State of Homelessness: 2020 Edition

As the Alliance publishes this updated version of the State of Homelessness, COVID-19 is creating a health and economic crisis in America and throughout the world. It is too soon to determine its ultimate impacts. Thus, this year’s report represents a baseline—the state of homelessness before the crisis began. It also reflects some early considerations and predictions about the influence of the pandemic on this vulnerable population.

Nov 26 07:06

The surprising holes in our knowledge of America’s homeless population

President Trump seems close to declaring a war on homelessness or, depending on whom you ask, a war on the homeless. On the way to California on Tuesday, he griped that people living on the streets are devaluing prestigious addresses, and he vowed to do something about it.

But what do we actually know about the population that, according to the Post’s Philip Rucker and Jeff Stein, Trump says are living on the “best highways, our best streets, our best entrances to buildings?"

Homeless America defies easy characterization. It has more residents than some rural states — more than 550,000 Americans experience homelessness on a typical night, and 1.4 million will spend some time in a shelter in a given year.

Nov 26 04:05

There Are No Short Sellers Left

Nov 25 15:51

The Dow Just Hit 30,000, But Meanwhile The Real Economy Is Having A Meltdown

Now more than ever, the stock market is not a barometer for the health of the overall economy. The truth is that an economic collapse has begun, and over time it will get much, much worse. -- But for the moment, nothing you can say will keep the ultra-wealthy from feeling euphoric as they monitor their rapidly rising stock portfolios. -- For them, this will definitely be a very happy Thanksgiving. -- But for most of the rest of the country, the current state of affairs is nothing to smile about.

Nov 25 13:57

It looks like your next stimulus check will be a lot bigger than the first

It’s not just national political leaders who have stepped up their calls on Congress to finally, after months of delay and gridlock, pass another coronavirus relief bill that includes funding to provide most Americans with a second stimulus check. In a new open letter, a group of more than 125 economists is now advocating for the same — specifically, more stimulus that includes new direct payments to families hit hard by the coronavirus pandemic.

The economists include a former advisor to President Obama, economist Jason Furman. “We urge policymakers to use all the tools at their disposal to revitalize the economy, including direct cash payments, which are one of the quickest, most equitable, and most effective ways to get families and the economy back on track,” the economists write in the open letter. Additionally, they point to research from the Urban Institute that points to stimulus checks being a tool that could keep some 14 million people out of poverty.

Nov 25 13:54

2021 Would Be a Great Time to Audit the Fed

Nov 25 13:12

Amazon Web Services outage causes issues for Roku, Adobe

November 25,2020,12.30pm: Amazon’s cloud-computing service on Wednesday was hit with an outage that took down some websites and services.

A notice on Amazon Web Services’ status page said it was experiencing problems with Kinesis, its service that processes large streams of data, causing “increased error rates” for a number of websites. The outage also impacted its ability to post updates to the status page.

“We continue to work towards recovery of the issue affecting the Kinesis Data Streams API in the US-EAST-1 Region,” the notice stated, adding that the issue appeared to be affecting the “subsystem” responsible for handling incoming requests.

“The team has identified the root cause and is working on resolving the issue affecting this subsystem,” the notice said.

Nov 25 13:07

Amazon Web Services outage causes issues for Roku, Adobe

November 25,2020,12.30pm: Amazon’s cloud-computing service on Wednesday was hit with an outage that took down some websites and services.

A notice on Amazon Web Services’ status page said it was experiencing problems with Kinesis, its service that processes large streams of data, causing “increased error rates” for a number of websites. The outage also impacted its ability to post updates to the status page.

“We continue to work towards recovery of the issue affecting the Kinesis Data Streams API in the US-EAST-1 Region,” the notice stated, adding that the issue appeared to be affecting the “subsystem” responsible for handling incoming requests.

“The team has identified the root cause and is working on resolving the issue affecting this subsystem,” the notice said.

Nov 25 12:51

Rickards: Here Comes the New Recession

Nov 25 11:51

A Glimpse of Biden's America: Massive Redistribution of White Taxpayer Wealth Proposed as Part of "Justice for Black Farmers Act"

And here we go… America in 2021 is on the same path of Rhodesia to Zimbabwe.

Nov 25 11:43

British Economy Shrinks By Most In 300 Years Thanks To COVID, Chancellor Warns

Just days after UK Prime MInister Boris Johnson confirmed that the 2nd English COVID-19 lockdown would soon come to an end (as England is expected to revert back to the tiered system of restrictions that preceded it), Chancellor Rishi Sunak on Wednesday shared some grim numbers about the state of the British economy with Parliament.

With global stocks on track to clinch their strongest monthly performance in modern history, Sunak warned that the British economy is set to contract by by more than 11% in 2020, the biggest annual contraction in 300 years - a period that has included at least one other global pandemic, and many, many wars.

It's no secret that the UK has been one of the hardest-hit developed nations. With one of the highest COVID-19 death tolls in the world, British leaders have imposed some of the harshest restrictions on movement and businesses in all of Europe.

Nov 25 11:04

BBC fat cats splurged £300k on lavish hotels and luxury flights: As the over-75s are forced to pay for licences, TV chiefs' high life on expenses is revealed

BBC chiefs claimed more than £300,000 on expenses including business class flights and five-star hotels last year, a Daily Mail investigation reveals today.

An audit of three dozen bosses who each earn at least £200,000 a year found shocking examples of executive extravagance.

The investigation, undertaken with the TaxPayers’ Alliance, also shows golden goodbyes surged by a third to £23million – with 85 employees pocketing half this sum on an average payout of £131,000.

Nov 25 08:38

The top is in?

Nov 25 07:35

There is a ‘burgeoning’ problem in Australia

Nov 25 06:37

Long lines form at food banks across country ahead of Thanksgiving

Americans are lining up in historic numbers at food banks across the country this week as the COVID-19 pandemic exacerbates levels of food insecurity for millions of people.

As the Thanksgiving holiday draws closer, news reports from states around the U.S. indicate that more Americans face food insecurity now than at any time in recent decades.

Video obtained by CNN on Tuesday from the Meadowlands entertainment complex in New Jersey showed residents waiting for several hours to obtain prepackaged boxes of meals for the Thanksgiving holiday.

Nov 25 06:12

There Were Two Americas Today As Dow Struck 30,000 

The K-shaped economic recovery, one where the rich grow richer and the working-poor are crushed with job loss and insurmountable debts, was on full display Tuesday afternoon as the Dow Jones Industrial Average crossed 30,000 for the first time.

By mid-afternoon, hours after the DJIA soared to new highs, Bloomberg tweeted a disturbing video of yet, another massive food bank line, something we've been highlighting this fall as an increasing occurrence as covid winter continues to crush the working-poor.

Today's food bank lines were situated in Albuquerque, New Mexico, where hundreds of vehicles were lined up "at a local stadium parking lot," Bloomberg said. The lines snaked around a parking lot, with an overflow of vehicles pouring out onto the city street.

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