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Category: Economy - Browse by Category - News - Analysis - Highlights - Multimedia - Latest Comments Wednesday August 5th, 2015

Tuesday August 4th, 2015
Why The US Dollar Will Collapse | Peter Schiff and Stefan Molyneux posted 08/04/2015, 7:16 PM (YouTube)
[Category: Economy]

Is the United States economy recovering - or are we being lied to by the mainstream establishment? Why has Gold recently hit a five year low despite long term predictions of it's rise in value? Are the government statistics on inflation accurate? What does the future hold for the US Dollar? Why has the Dollar strengthened and how will this play out in the long term? What does Peter Schiff think about Donald Trump and his recent success in the Republican presidential primary?

Also Includes: China economic situation, the Shanghai Stock Exchange Composite Index collapse, Puerto Rico debt default, gold repatriation, physical vs. paper gold holdings, the student debt bubble, the new real estate bubble, more quantitative easing, interest rates and what happens if you raise the minimum wage to $70,000 per year.

Puerto Rico Triggers Historic Default As Austerity Spiral Deepens posted 08/04/2015, 6:05 AM (The Telegraph)
[Category: Economy]
Puerto Rico has triggered the biggest municipal default in US history, risking years of bitter legal warfare with creditors and an austerity "death spiral" with echoes of Greece.

The island Commonwealth finally ran out of money on Monday after a desperate effort to stay afloat, and missed a final deadline for a $58m payment - handing over just $628,000.

It implies a sweeping default on much of its $72bn debt burden, equal to 100pc of Puerto Rico’s gross national pr
... (more)

Monday August 3rd, 2015

Greek Stocks Plunge 22.87% After 5 Weeks Of Closure posted 08/03/2015, 8:08 AM (Business Insider)
[Category: Economy]
The Greek stock market reopened on Monday for the first time in five weeks. It had been closed since the country's capital controls took effect and bailout referendum was announced.

Greece's banks went through the floor, tumbling 30%, reflecting the huge damage that has been done to the country's economy in recent weeks.

The overall Athens Stock Exchange (ASE) index plunged by 22.87% as it opened, according to Bloomberg's Jonathan Ferro.
... (more)

Sunday August 2nd, 2015

Atlas Shrugs posted 08/02/2015, 2:52 AM (The Beacon)
[Category: Economy]
Three months ago, the CEO of Gravity Payments, a Seattle credit card processing firm, announced that all of the firm’s employees would be paid a minimum of $70,000 a year, according to this story. Now, the firm has fallen on hard times, and some of the firm’s “higher valued” employees have quit. One employee who quit said, "He gave raises to people who ha... (more)

Mt. Gox Head Arrested Over Loss of 650,000 Bitcoins posted 08/02/2015, 2:52 AM (Ars Technica)
[Category: Economy]
Mt. Gox head Mark Karpeles was arrested by Japanese police on Saturday, more than a year after the exchange folded amidst the loss of 650,000 bitcoins. Karpeles hasn't been formally charged but "police are alleging that he manipulated the company's computer system to inflate its assets," The Wall Street Journal reported.... (more)

Ex-NBA Star Went From $108 Million to Bankruptcy posted 08/02/2015, 2:52 AM (CNN)
[Category: Economy]
Antoine Walker believed his financial future was a slam dunk.

Before the age of 20, he had won the NCAA basketball championship and was selected by the Boston Celtics as a top pick in the 1996 NBA Draft. Walker quickly became a basketball superstar. He was named to the All-Star team three times and won the top prize in pro basketball with the Miami Heat in 2006.

Thanks to his on-the-court success, Walker made more money playing the sport he loved than he could ev
... (more)
Classic example of a high time preference. See this talk from Hans-Hermann Hoppe.

Friday July 31st, 2015

Kim Dotcom & Mega Trade Barbs Over Hostile Takeover Claims posted 07/31/2015, 5:39 PM (TorrentFreak)
[Category: Economy]
In a Q&A session with users of Slashdot this week, Kim Dotcom advised surprised readers not use Mega amid claims of a hostile takeover. Intrigued, TorrentFreak caught up with both Dotcom and his former colleagues at the cloud storage site. Both had plenty to say and it's now clear that previously warm relations have now iced over.... (more)

Thursday July 30th, 2015

The Euro Isn't Dead posted 07/30/2015, 4:11 PM (Peter Schiff)
[Category: Economy]
While the world can count dozens of important currencies, when it comes to top line financial and investment discussions, the currency marketplace really comes down to a one-on-one cage match between the two top contenders: the U.S. Dollar and the Euro.

In recent years the contest has become a blowout, with the Dollar pummeling the Euro into apparent submission. Based on the turmoil created by the European Debt Crisis and the continuing problems in Greece and other overly indebted
... (more)

Los Angeles Union Wants To Be Exempt From $15 Minimum Wage It Fought For posted 07/30/2015, 4:11 PM (The Guardian)
[Category: Economy]
Union officials in Los Angeles are fighting to be excluded from minimum wage rules that they have lobbied to put in place.

Los Angeles city council is set to vote on a union-backed clause to its $15-an-hour minimum wage bill that would exempt workers covered by a collective bargaining contract. The debate is expected to start later this week when the council returns from summer recess.
... (more)

Wednesday July 29th, 2015

Video: Florida Man Finds $1 Million In Gold From Shipwrecked Spanish Fleet posted 07/29/2015, 3:46 AM (InformationLiberation)
[Category: Economy]

A Florida man searching for treasure from a Spanish fleet of ships which shipwrecked off the coast of Florida in 1715 found 1$ million worth of gold coins and chains on the ocean seabed.

Evidently, the rights to search the area where the ships wre
... (more)

Warner Music's Response To Evidence Of Happy Birthday In The Public Domain: Who Really Knows Anything, Really? posted 07/29/2015, 4:08 PM (Techdirt)
[Category: Economy]
Earlier this week, we wrote about fairly damning new evidence that almost certainly shows that the song "Happy Birthday" is in the public domain, and not, as Warner Music's Warner/Chappell claims, still covered by a copyright that it holds (and ruthlessly enforces). The evidence was in the form of a 1922 songbook that ... (more)

Monday July 27th, 2015

Liberals Sign Petition to Impose 10% "Male Privilege Tax" posted 07/27/2015, 5:47 PM (Infowars)
[Category: Economy]

Liberals signed a petition to address “income inequality” by imposing a 10% “male privilege tax” on all men in the latest Mark Dice ‘man on the street’ video which illustrates how much leftists are divorced from reality.

Asked to support an additional 10% tax on men’s income, one woman responded, “I’ll definitely sign for that,” before adding, “Yeah I’ve never heard of that befo
... (more)

Community Reaches Out to Homeless Man and his Dog to Begin New Life posted 07/27/2015, 5:30 AM (
[Category: Economy]
A Hallandale homeless man and his canine best friend will be moving to their new home on Sunday; that's right their new home! Thanks to a community of compassionate people, a local animal rescue, and the power of social media, Ronald Aaron and Shadow will be settling in and helping at Pet Partners Rescue Home, a cat adoption and sanctuary near Miami, Florida.

Bernie Alfonso, the founder of the rescue, has graciously offered the two a private apartment in exchange for some needed h
... (more)

Friday July 24th, 2015

Jim Grant On Gold's Liquidation Sale: A "Vexing But Wonderful Opportunity" posted 07/24/2015, 4:50 PM (ZeroHedge)
[Category: Economy]
Don’t tell Jim Grant, the publisher of Grant’s Interest Rate Observer, that gold is a hedge.

The author and publisher said the metal is much more dynamic; providing a trifecta of price, value and sentiment, and investors should have exposure to it.
“[G]old is an investment in monetary and financial disorder – not a hedge. You look around the world and you see exchange rates are properly disorderly, when you look around the world of lending and borrowing -... (more)

Thursday July 23rd, 2015

Currencies Depend on Faith, Gold Doesn't posted 07/23/2015, 3:45 PM (Peter Schiff)
[Category: Economy]
In his July 17th Blog, Let's Get Real About Gold, author and Wall Street Journal columnist Jason Zweig likened investor interest in gold with the "Pet Rock" craze of the 1970's, when consumers became convinced that a rock in a box would provide continuous companionship, elevate their social standing, and give them something hip to talk about at parties. Zweig asserts that investor faith in gold, which he... (more)

Monday July 20th, 2015

Gold, Precious Metals Flash Crash Following $2.7 Billion Notional Dump posted 07/20/2015, 3:46 PM (ZeroHedge)
[Category: Economy]
The last time gold plummeted by just over $30 per ounce (dragging down silver and bitcoin with it) and resulted in a crash so furious it led to a "Velocity Logic" market halt for 10 seconds, was on January 6, 2014. Many said this was just perfectly normal selling, although we explicitly said (and showed) that it was a clear case of an HFT algo gone wild (following an order to do just that and slam all sell stops) when someone manipulated the market and repriced gold substantially lower. ... (more)

Friday July 17th, 2015

China Increases Gold Holdings By 57% "In One Month" In First Official Update Since 2009 posted 07/17/2015, 3:03 PM (ZeroHedge)
[Category: Economy]
Back in April we wrote that "The Mystery Of China's Gold Holdings Is Coming To An End" as a result of China willingness to add the Yuan to the IMF's SDR currency basket which would require the disclosure of China's gold holding ahead of an IMF meeting on SDR composition which may be held in October. ... (more)

Thursday July 16th, 2015

How Socialism Destroyed Puerto Rico, and How Capitalism Can Save It posted 07/16/2015, 1:40 PM (Peter Schiff )
[Category: Economy]
While Greece is now dominating the debt default stage, the real tragedy is playing out much closer to home, with the downward spiral of Puerto Rico. As in Greece, the Puerto Rican economy has been destroyed by its participation in an unrealistic monetary system that it does not control and the failure of domestic politicians to confront their own insolvency. But the damage done to the Puerto Rican economy by the United States has been far more debilitating than whatever damage the European Union... (more)

How Student Loans Create Demand for Useless Degrees posted 07/16/2015, 1:39 PM (Mises Institute)
[Category: Economy]
Apart from driving up prices, one of the main problems of subsidized government loans is the fact that a student can get the same loan terms for a high-risk degree in art history as for a safer degree in engineering.... (more)

Wednesday July 15th, 2015

Trendy But Calm: Adult Coloring Books Selling Like Crazy posted 07/15/2015, 2:59 PM (Associated Press)
[Category: Economy]
NEW YORK (AP) -- Adult coloring books are giving Harper Lee a run for the money on best-seller lists this summer.

Dover Publications has sold more than 3 million adult coloring books with titles like "Flower Fashion Fantasies." Quarto Publishing will have 1.3 million in print this year ranging from mandalas to fairies. "Secret Garden: An Inky Treasure Hunt," by one of the genre's most popular illustrators, Johanna Basford, remains a top seller on Amazon two years after its initia
... (more)

Tuesday July 14th, 2015

Peter Schiff On The Real Reason Greece Folded... And What They'd Do If They Were Actually Smart posted 07/14/2015, 1:41 PM (Peter Schiff)
[Category: Economy]

Friday July 10th, 2015

Peter Schiff: The Chickens are Coming Home to Roost posted 07/10/2015, 10:48 AM (YouTube)
[Category: Economy]

Thursday July 9th, 2015

What In The World Just Happened To The New York Stock Exchange? posted 07/09/2015, 10:31 AM (The Economic Collapse)
[Category: Economy]
Do you believe that the New York Stock Exchange shut down because of a “technical glitch” on Wednesday?  At 11:32 AM on Wednesday morning, trading on the New York Stock Exchange was halted due to “internal technical issues”, and it did not resume until 3:10 PM.  Officials insist that there is no evidence that a cyberattack caused the technical problems even though hactivists had hinted that something may happen the night before.  Adding to the suspicion is the fact that United Airlines and t... (more)

China Soars Most Since 2009 After Government Threatens Short Sellers With Arrest, Global Stocks Surge posted 07/09/2015, 10:31 AM (ZeroHedge)
[Category: Economy]
Here is a brief sample of some of the measures the Chinese government and the PBOC have unleashed in just the past ten days to prop up the crashing market include.... (more)

Lenin and Marx: Sound Money Advocates? posted 07/09/2015, 10:31 AM (Mises Institute)
[Category: Economy]
Most modern socialists are in favor of inflation, because it is supposed, in Keynes’s words, to “euthanize the rentiers.” It doesn’t mean however, that the “founding fathers” of socialism were in favor of inflation. In fact, the opposite is true. Karl Marx had a wide knowledge of the economic literature and even though he’s usually wrong, he was correct in his preference for a gold standard.

As for Lenin, he was in his writings opposed to inflation and saw paper money as a means u
... (more)

Wednesday July 8th, 2015

Video: Americans Choose Free Hershey Bar Over Silver Bar Worth $150 posted 07/08/2015, 10:23 AM (Infowars)
[Category: Economy]

Given the choice between a free Hershey bar and a silver bar worth $150, people on the streets of San Diego chose the chocolate bar – another jaw-dropping illustration of how ignorant Americans are when it comes to precious metals.

Mark Dice’s previous video showed him attempting to sell the 10oz silver bullion for as little as 99 cents, with no takers. This time San Diegans
... (more)

European Stocks, Chinese Stocks And Commodities Are All Crashing - Are U.S. Stocks Next? posted 07/08/2015, 10:23 AM (The Economic Collapse)
[Category: Economy]
A global stock market crash has begun.  European stocks are crashing, Chinese stocks are crashing, and commodities are crashing.  And guess what?  All of those things happened before U.S. stocks crashed in the fall of 2008 too.  In so many ways, it se... (more)

Marc Faber: Likelihood of Greek Contagion Is Very High posted 07/08/2015, 10:23 AM (Bloomberg)
[Category: Economy]

July 6 -- Marc Faber, publisher of the Gloom, Boom & Doom report, talks about the contagion risk posed by the Greek debt crisis and the prospects for a resolution. Faber, speaking with Olivia Sterns and Matt Miller on Bloomberg Television's "Bloomberg Markets," also discusses the Chines stock market.

Tuesday July 7th, 2015

Hawaii Just Became The First State To Ban Plastic Bags At Grocery Checkouts posted 07/07/2015, 10:48 AM (Huffington Post)
[Category: Economy]
As of Wednesday, grocery stores across the entire state of Hawaii are banned from distributing plastic bags.

The City and County of Honolulu -- which covers the entirety of Oahu, Hawaii's most populated island -- is now enforcing a ban that prohibits stores from handing plastic bags to customers at checkout, making Oahu the last populated island in the state to give the bags the boot.
... (more)

China $159 Billion State Pension Fund Ordered Not to Sell Local Shares posted 07/07/2015, 10:47 AM (
[Category: Economy]
China's state pension fund ordered its asset managers not to sell any local shares on Monday, after Beijing halted new equity issues and forced the central bank to extend credit to brokers as part of emergency measures aimed at bolstering markets.

The extraordinary intervention helped push the Shanghai Composite Index up 2.4 per cent on Monday but the rise in the overall market disguised big falls among smaller stocks not linked to the government.
... (more)

Monday July 6th, 2015

Peter Schiff: The Big Picture posted 07/06/2015, 10:27 AM (Peter Schiff)
[Category: Economy]
The past four years or so have been extremely frustrating for investors like me who have structured their portfolios around the belief that the current experiments in central bank stimulus, the anti-business drift in Washington, and America's mediocre economy and unresolved debt issues would push down the value of the dollar, push up commodity prices, and favor assets in economies with relatively low debt levels and higher GDP growth. But since the beginning of 2011, the Dow Jones Industrial Av... (more)

Friday July 3rd, 2015

What’s Driving Bolivia’s Booming Economy posted 07/03/2015, 8:11 AM (Mises Institute)
[Category: Economy]
To the surprise of many, Bolivia is now Latin America’s fastest growing economy. At a 5 percent growth rate it now outstrips once dominant but now stagnating regional competitors like Brazil and Peru. Furthermore Bolivia boasts some very impressive macrofundametals: its level of international reserves are the highest in all of Latin America, it has slashed its government debt, and its inflation rate stands at a respectable 5 percent. This accompanies a 307 percent increase in average income and ... (more)

Thursday July 2nd, 2015

Chicago Institutes New "Amusement Tax" On Netflix, Streaming Services posted 07/02/2015, 7:07 PM (InformationLiberation)
[Category: Economy]
Chicago has just expanded their 20-year-old "amusement tax" law -- yes they have a tax on amusement -- to apply to streaming services like Netflix and Spotify, but according to the mayor's spokeswoman, this expansion of the law is not an expansion of the law, it's just a clarification of the law in the name of "fairness."

From the Chicago Tribune:
Chicagoans who pay to stream movies and music from services like Netflix and Spotify will now need to fork over... (more)

Record 93.6 Million People Not in American Labor Force, Highest Since 1977 posted 07/02/2015, 7:07 PM (The Daily Sheeple)
[Category: Economy]
While the White House again is smiling through its teeth and claiming, “the strongest two-year job growth since 2000,” a record-setting 93,626,000 Americans did not even participate in the nation's labor force at all in June 2015.

That means that 93.6 million Americans age 16 or older who were not in the military or institutionalized did not hold down a job and didn’t try to find one
... (more)

Wednesday July 1st, 2015

Barack Obama Promises That Events In Greece And Puerto Rico Will Not Cause A Global Financial Crisis posted 07/01/2015, 8:38 AM (The American Dream)
[Category: Economy]
Barack Obama says that we shouldn’t be alarmed by what is happening over in Greece.  On Tuesday, he told reporters that this “is an issue primarily of concern to Europe” and that “I think the markets have properly factored in the risks involved“.  And apparently Obama is not too concerned abou... (more)

Economic Stagnation and the Global Bubble posted 07/01/2015, 8:38 AM (David Stockman)
[Category: Economy]
You’d think with all the “stimulus” from Washington over the fifteen years since the dotcom bust, American capitalism would be booming. It’s not. On the measures which count when it comes to sustainable growth and real wealth creation, the trends are slipping backwards — not leaping higher.

After a look at new jobs data in April, we find the number of breadwinner jobs in the US economy is still two million below where it was when Bill Clinton still had his hands on matters in the
... (more)

Monday June 29th, 2015

Oregon Legalizes Pot this Week -- But Thanks to the Liquor Control Commission, You Can't Buy It posted 06/29/2015, 2:44 PM (The Free Thought Project)
[Category: Economy]
Oregon — While marijuana legalization activists are cheering on the states end to pot prohibition this Wednesday, the way the law is set up has many shaking their heads.

Thanks to the 56 percent of Oregon residents voting in favor of Measure 91 last November, come this Wednesday, all residents 21 and older will legally be allowed to possess and use recreational reefer. There is, however, a catch, no one can sell it or buy it.

If Oregonians want to partake in the pot
... (more)

Sunday June 28th, 2015

Greek Banks And Stock Exchange In Shutdown posted 06/28/2015, 10:27 PM (SKY News)
[Category: Economy]
Banks in Greece and the country's stock exchange will be shut all week in a sign of the deepening financial crisis.

The drastic move comes after people rushed to withdraw their cash amid panic ahead of the referendum on bailout terms.

Under the controls, there will be a daily €60 limit on withdrawals from cash machines, which will reopen on Tuesday.

The euro fell sharply against the dollar in amid investor jitters of a Greek debt default and exit from
... (more)

Thursday June 25th, 2015

Greece Illustrates 150 Years of Socialist Failure in Europe posted 06/25/2015, 3:51 AM (Mises Canada)
[Category: Economy]
Greece cannot pay its debts…ever. Nor can several other members of the European Union. That’s why Europe’s elite are loath to place Greece in default. If Greece is allowed to abrogate its debts, why should any of the other debtor members of the EU pay up? The financial consequences of massive default by most of the EU members is hard to predict, but it won’t be pretty. Europe has built a financial house of cards, and the slightest loss of confidence will bring it crashing down.

... (more)

VIDEO: Americans Refuse to Purchase 10 oz Silver Bar Worth $160 for 10 Bucks posted 06/25/2015, 3:51 AM (Infowars)
[Category: Economy]

Prankster Mark Dice’s latest video proves that Americans have absolutely no idea about the value of precious metals. Asked if they would like to purchase a 10oz silver bar worth $160 for just ten bucks, every single one refused.

What makes the footage even more jaw-dropping is that Dice was stood feet away from a coin shop, where anyone could have immediately walked in and excha
... (more)

Tuesday June 23rd, 2015

Courts Rule That Disabled Woman Living Below the Poverty Line Must Repay Student Loans posted 06/23/2015, 1:12 AM (Bloomberg)
[Category: Economy]
Monica Stitt, a 45-year-old woman, is unemployed, disabled, and living far below the poverty line. Still, a federal district judge decided in June that she could not cancel more than $37,000 in student debt in bankruptcy, because she hadn’t made a good-faith attempt at repaying the loans.

Her entire income—about $10,000 per year, according to the judge—consisted of Social Security disability benefits and public assistance. She has been unemployed since 2008.

... (more)
The compassion of the state.

Monday June 22nd, 2015

The 'Recycling' Scam Falls Apart posted 06/22/2015, 5:04 AM (InformationLiberation)
[Category: Economy]
Since it's inception, recycling has always been a scam. With the exception of aluminum, all recycled products require more energy to be "recycled" than to be made fresh. Nonetheless, governments and environmentalists have profited off such schemes as recycling plants serve as both a handout to politically connected corporations and a jobs scheme for opportunist politicians. The scam is finally now coming to an end as the economic reality is setting in.
... (more)

Which Countries Prefer Capitalism? posted 06/22/2015, 5:02 AM (The Beacon)
[Category: Economy]
A survey conducted by the Pew Research Center gauges the opinion among citizens of various countries of the free market. They were asked if they agreed that under such a system the majority is better off even though some are rich and some are poor. The results invite interesting conclusions.

People in emerging countries have more faith in the market than those in developed societies. Among the latter, between
... (more)

Friday June 19th, 2015

DC's First Cat Cafe Opens Tomorrow (No Thanks to Regulators) posted 06/19/2015, 4:47 PM (Reason)
[Category: Economy]

Even though Kanchan Singh is a born optimist, there were moments when she thought her dream of starting Washington, DC's first cat cafe would never get its paws off the ground.

Singh, 24, got the idea for her first business venture while backpacking in Thailand. Walking among the temples and medieval city walls in the city of Chiang Mai, Singh stepped into Catmosphere, a wildly p
... (more)

Carl Icahn: Donald Trump Is Completely Correct That "We Are In A Bubble Like You've Never Seen Before" posted 06/19/2015, 4:46 PM (ZeroHedge)
[Category: Economy]
Yesterday during an interview on MSNBC, presidential candidate Donald Trump said he has some big names in mind for the Treasury secretary if he wins the White House. "I'd like guys like Jack Welch. I like guys like Henry Kravis. I'd love to bring my friend Carl Icahn." He also opined on the economy and the stock market, admitting that the Fed has benefited people like him but that the economy and is in a "big fat economic and financial bubble like you've never seen before."... (more)

Wednesday June 17th, 2015

California Says Uber Driver Is Employee, Not a Contractor posted 06/17/2015, 2:00 PM (The New York Times)
[Category: Economy]
In what could prove to be a ruling with serious implications for the on-demand economy, the California Labor Commission has ruled that an Uber driver should be classified as an employee, not an independent contractor.

The ruling, made in March, came to light after Uber filed an appeal Tuesday evening. The ruling ordered the company to reimburse Barbara Ann Berwick, a former Uber driver, $4,152.20 in expenses and other costs for the period when Ms. Berwick worked as a driver.
... (more)

Tuesday June 16th, 2015

Pay Low-Income Families More to Boost Economic Growth, Says IMF posted 06/16/2015, 2:21 PM (The Guardian)
[Category: Economy]
The idea that increased income inequality makes economies more dynamic has been rejected by an International Monetary Fund study, which shows the widening income gap between rich and poor is bad for growth.

A report by five IMF economists dismissed “trickle-down” economics, and said that if governments wanted to increase the pace of growth they should concentrate on helping the poorest 20% of citizens.
... (more)

Gold and Economic Inequality posted 06/16/2015, 2:20 PM (Mises Institute)
[Category: Economy]
Inequality is a top news items for 2015 driven largely by the Baltimore riots, the minimum wage debate, Thomas Piketty’s book Capital in the Twenty-First Century, and now the entry of socialist Bernie Sanders into the race for US president.

The Left wants more welfare, better schools, free college, enhanced job training, and more. The Right, in contrast, wants welfare reform, charter schools, tax reform — not to be confused with tax cuts — and use of the negative income tax.
... (more)

Monday June 15th, 2015

The Miracle of Air-Conditioning posted 06/15/2015, 1:15 PM (Cato @ Liberty)
[Category: Economy]
With the temperature in Washington, D.C. in the mid-90s, it is perhaps worthwhile to recall what life was like before the arrival of air-conditioning. Below are a few excerpts from a New Yorker essay about air conditioning penned by the great Arthur Miller in 1998:
Exactly what year it was I can no longer recall--probably 1927 or '28--there was an extraordinarily hot September, w... (more)

Friday June 12th, 2015

How Obama Will Centrally-Plan Your Neighborhood: Here Comes The "Affirmatively Furthering Fair Housing" Rule posted 06/12/2015, 11:59 AM (ZeroHedge)
[Category: Economy]
Because centrally-planning the market and the double seasonally-adjusted economy was not enough, the Obama administration is now set to create a wealth-adjusted community utopia. According to The Hill, the administration is moving forward with regulations designed to help diversify America’s wealthier neighborhoods, such as building affordable housing in more affluent areas. ... (more)

Marc Faber: Forget a Fed Rate Hike; QE4 Coming posted 06/12/2015, 11:57 AM (CNBC)
[Category: Economy]
While some U.S. economic data suggest the economy is ready for normalizing monetary policy, Marc Faber said Thursday the Fed will have to unleash another round of quantitative easing.

"When I look at the whole financial sector … I feel like [I'm] on the Titanic. We're fighting about deck chairs, [meaning] which assets are performing best and we're fighting over the best tables in the ballroom, but I think it's best to find your safety boat and ladder because I think the financial
... (more)

Thursday June 11th, 2015

Let's Hope Machines Take Our Jobs: We Want Wealth, Not Jobs posted 06/11/2015, 11:43 AM (Mises Institute)
[Category: Economy]
The job-threatening rise of the machines is an economically illiterate meme that refuses to die. We’re actually probably in the early stages of it, a bull-market in neo-luddism, if you will. Bastiat’s “Candlemakers Petititon” answered this one long ago, but today I’ll run a little thought experiment that owes it all to good old Bastiat.

Let’s say Weird Al Yankovic invents a machine capable of making everything with a si
... (more)

Thanks A Lot, NSA posted 06/11/2015, 11:39 AM (Becky Akers)
[Category: Economy]
The "Information Technology and Innovation Foundation, a Washington think tank" predicted "nearly two years ago [that] losses for the cloud computing sector" would range between $22 billion and $35 billion, thanks to the NSA's espionage. Actually, neither the tankers nor the journalists reporting this story phrase it that way: they instead blame... (more)

Honduras Presses Ahead for ZEDE Liftoff in June posted 06/11/2015, 11:38 AM (PanamPost)
[Category: Economy]
The Honduran government will begin building the first Zones for Employment and Economic Development (ZEDE) in the Central American nation in June, fulfilling a campaign promise made by President Juan Orlando Hernández, according to government sources.

The idea behind the project is to create a pole for investment and development in designated
... (more)

Bond Crash Across the World as Deflation Trade Goes Horribly Wrong posted 06/11/2015, 11:39 AM (The Telegraph)
[Category: Economy]
Markets ignored clear warnings in Europe and America that the money supply is catching fire, signalling a surge of inflation later this year.... (more)

Wednesday June 10th, 2015

Hospitals Are Blatantly Ripping Us Off posted 06/10/2015, 10:57 AM (The Economic Collapse)
[Category: Economy]
Most Americans are deathly afraid to go to the hospital these days – and it is because of the immense pain that it will cause to their wallets.  If you want to get on a path that will lead you to bankruptcy, just start going to the hospital a lot.  In America today, hospitals and doctors are blatantly ripping us off and they aren’t making any apologies for it.  As you will read about below, some hospitals mark up treatments by 1,000 percent.  In other instances, basic medical su... (more)

Kim Dotcom's MegaNet Preps Jan 2016 Crowdfunding Campaign posted 06/10/2015, 10:41 AM (TorrentFreak)
[Category: Economy]
Kim Dotcom's dream of a people-powered, censorship-resistant Internet will rely on the goodwill of supporters to get off the ground. In an announcement this morning, the entrepreneur confirmed that his MegaNet project will seek equity via a crowd-funding campaign set to launch on the January 2016 anniversary of the raid on Megaupload.... (more)

Monday June 8th, 2015

Possible $500,000 Bitcoin Cloud Mining Ponzi Scheme Uncovered posted 06/08/2015, 7:50 AM (Bitcoin Magazine)
[Category: Economy]
Roughly nine months ago, Bitcoin Foundation Chief Scientist Gavin Andresen made a rather interesting comment on Reddit in which he claimed, "I suspect many [cloud mining companies] will turn out to be Ponzi schemes."

There have been a few cloud mining scams uncovered over the past year or two, and it appears that another one coul
... (more)

Friday June 5th, 2015

Are There Rules for Trade? posted 06/05/2015, 8:14 AM (Laurence M. Vance)
[Category: Economy]
Barack Obama has been lobbying Congress for Trade Promotion Authority (TPA), also known as “fast-track authority,” so the executive branch can work in secret on trade deals before submitting them to Congress for a quick up-or-down vote with limited time for debate, no provision for amendments, and no possibility of a Senate filibuster.

The president has made passage of the Trans-Pacific Partnership (TPP) and the Transatlantic Trade and Investment Partnership (TTIP) a top priority
... (more)

How Governments Keep You (and Your Money) From Leaving posted 06/05/2015, 8:14 AM (Mises Institute)
[Category: Economy]
The IRS reports that more people renounced their US citizenship during the first quarter of 2015 than during any other quarter in history. Notably, a sizable portion of those renouncing their citizenship are doing so to escape heavy taxation. The United States is the only country other than the military dictatorship of Eritrea that taxes its citizens living abroad on all forms of in... (more)

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