A report released by the Nikkei Asian Review indicates that China is prepared to release a yuan-denominated oil futures contract that is convertible (backed by) physical gold. The contract will enable China’s largest oil suppliers to settle oil sales in yuan, rather than in dollars, and then convert the yuan into gold on…
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China Begins to Reset the World’s Reserve Currency System…
Where The August Jobs Were: Who Is Hiring, And Who Isn’t…
As expected, last month’s one-time, outlier surge in leisure & hospitality, and education & health jobs was not only revised lower, but is fully gone in the month of August. Furthermore, while according to the original July report not a single category had lost jobs, that is no longer the case as the chart below […]
Expecting Defeat In Supreme Court, Public Sector Unions Try to Slow Exodus of Members…
A case titled Janus v. American Federation of State, County and Municipal Employees, Council 31 is on appeal to the U.S. Supreme Court on a petition for a writ of certiorari. The 7th Circuit’s opinion in the case is here. It is widely expected that the Court will grant certiorari. The case raises issues substantially…
Billionionaire Elon Musk Paid a Paltry $5 Hour to Foreign Workers to Paint a Shop in California…
Techno-wonder and CEO of Tesla Motors Elon Musk apologized and promised to investigate allegations the electric vehicle maker paid foreign workers a wage of $5 per hour to slap together a paint shop in California. Musk’s electric vehicle company used approximately 140 Eastern Europeans to erect a body shop in Northern…
The U.S. Military Just Conducted a Major Show of Air Power in Response to North Korea’s Latest Missile Test…
In response to North Korea’s recent intermediate range ballistic missile test that overflew Japan on Aug. 28, Washington, Tokyo and Seoul have embarked on a show of force to deter Pyongyang. As part of that show of force, the U.S. Marine Corps flew four of its stealthy new Lockheed Martin F-35B Joint Strike Fighters…
Paul Ryan’s GOP Quietly Boosts H-2B Visa-Worker Program…
The latest 1,305-page draft House appropriations bill for 2018 uses a bureaucratic trick on page 732 to help employers cut wages for foreign H-2B seasonal workers — and indirectly, also cut wages for American workers. “Republicans in Congress still haven’t got the message that voters sent last November”…
Sick: Bill Gates and Richard Branson Back Startup That Grows ‘Clean Meat’…
Cargill Inc., one of the largest global agricultural companies, has joined Bill Gates and other business giants to invest in a nascent technology to make meat from self-producing animal cells amid rising consumer demand for protein that’s less reliant on feed, land and water. Memphis Meats, which produces beef, chicken and duck…
Well, It Was 2.1M Wells Fargo Accounts Involved in the Scandal. Now, It’s 3.5M…
The scope of Wells Fargo’s fake accounts scandal grew significantly on Thursday, with the bank now saying that 3.5 million accounts were potentially opened without customers’ permission between 2009 and 2016. That’s up from 2.1 million accounts that the bank had cited in September 2016, when it acknowledged that…
2nd Quarter GDP Growth Revised Upward to 3%…
Despite the good news, the insufferable MSM are still trying to bury the cause and effect. In an effort to give a more precise picture I’m going to use a Reuters summary, and shift their text location to highlight what they bury and emphasize what they avoid…
RESEARCH: Basically Every Problem in the U.S. Economy Is Because Companies Have Too Much Power…
Competition is good. This might be the most basic tenet of economics. In a healthy economy, when one company is selling a product for well above what it costs to produce, other companies jump in that market to compete with them, reducing the resulting markup on goods. This is good for consumers and workers alike…
Jackson Hole’s Deluded Groupthink Confirms “A Gigantic Financial Crisis Is Coming”…
The Jackson Hole gathering of central bankers and other economics big shots is over. They all still like themselves very much. Apart from a pesky inflation problem that none of them can get a grip on, they publicly maintain that they’re doing great, and they’re saving the planet (doing God’s work is already taken)…
Amazon Cuts Prices at Whole Foods by Up to 43% on First Day…
Amazon.com Inc. spent its first day as the owner of a brick-and-mortar grocery chain cutting prices at Whole Foods Market. At the Whole Foods on 57th Street in Manhattan, organic fuji apples were marked down to $1.99 a pound from $3.49 a pound; organic avocados went to $1.99 each from $2.79; organic rotisserie chicken…
Why Doesn’t This Household Debt Worry Anyone?!…
With all the attention going to political tensions between the USA and North Korea and the interest rate policies and monetary policies established by the various central banks around the world, we would almost forget to keep track of how the ‘real’ economy is doing. And then we aren’t talking about GDP results or…
Sears Death Spiral Accelerates: Vendors Halt Shipments…
When we commented back in March on the unexpected “going concern” notice in Sears’ 10-K which sent the stock crashing, we pointed out the immediate spin provided by Eddie Lampert’s distressed retailer which promised that its comeback plan may help alleviate the concerns, “satisfying our estimated liquidity needs 12 months…
A Furious China Responds To Latest Sanctions: Demands “U.S. Immediately Correct Its Mistake” Or Suffer Retaliation…
Less than 4 hours ago, the US Treasury announced that in the the latest set of actions targeting North Korea’s “WMD program”, among the entities sanctioned would be several Chinese and Russian companies and individuals. We said that “what this latest round of sanctions will achieve, is to further anger Beijing and…
Wall Street Banks Sued Again for Conspiring to Control a Market…
As summer draws to a close and the Wall Street titans enjoy the last of their lazy long weekends in the Hamptons, summering next door to the army of lawyers that keep them out of jail, it’s a curious time to be reading about a major new lawsuit that has the potential to shake Wall […]
Whole Foods Shareholders Vote in Favor of Amazon Takeover…
Whole Foods shareholders approved Amazon’s takeover of the grocery chain on Wednesday. The vote was a pivotal step forward in the behemoth online retailer’s move to gain firmer footing in the multibillion dollar grocery space. Amazon and Whole Foods have both said they want the $13.7 billion deal to be completed by…
“Colossal Fraud”: Lawsuit Accuses Poland Spring Of Selling Groundwater…
Ever wonder if that bottled mineral water you just spent several dollars on is really mineral water? According to a bombshell new lawsuit filed this week, at least in the case of one company it isn’t. A group of bottled water drinkers has brought a class action lawsuit against Nestle, the company which owns Poland […]
Trump Adviser Resigned Ahead of Negative Press Coverage…
Billionaire investor Carl Icahn (EYE’-kahn) stepped down from an unpaid post as President Donald Trump’s adviser on deregulation efforts just days before The New Yorker was preparing to publish a lengthy article detailing potential conflicts of interest. Icahn said in a letter to Trump released Friday that he would resign to prevent “partisan bickering”…
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