Hackers struck the Ethereum platform twice in consecutive weeks – this time stealing more than $8 million worth of cryptocurrency in the second Initial Coin Offering (ICO) heist. Veritaseum, the peer-to-peer software firm at the center of the hack, confirmed the theft Monday. The firm’s founder, Reggie Middleton, explained the incident on the Bitcoin Talk […]
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IRS Doled Out More Than $24B in Potentially Bogus Refunds…
The IRS doled out more than $24 billion in potentially bogus refunds claimed under several controversial tax credits in 2016, according to a new audit that said $118 million was even paid to people who weren’t authorized to work in the U.S. in the first place. Some $16.8 billion in payments were made on improper […]
SHOCKER: Colleges Stop Exorbitant Price Increases After Congress Caps Student Loans…
America’s colleges and universities have finally stopped their practice of annually gouging students with price increases for tuition, fees and room and board — to the accumulated tune of a growth rate of 400 percent in the last three decades. Labor Department statistics collected by The Wall Street Journal show that aggregate tuition increases in […]
“Worse Than People Can Imagine” – Deutsche Bank to Shift $350 Billion of Assets from London to Frankfurt…
In a project dubbed ‘Bowline’, Bloomberg reports that Deutsche Bank may shift about 300 billion euros ($350 billion) from the balance sheet of its U.K. entity to Frankfurt as client trading and assets migrate to the continent following Britain’s decision to leave the European Union. While not the first bank to threaten to move post-Brexit, […]
Multinational Corporations and the Export of American Wealth…(Read This Before Reading Related Links)…
To understand the larger objectives of the global and financial elite it is important to understand the three-decade global financial construct they seek to protect. Global financial exploitation of national markets:…
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Why Don’t Millenials Like Capitalism? Blame Parents. Blame Schools. Blame Obama…
As a society, we have done millennials a disservice. An entire generation of young people in America came of age during a decade of sluggish economic growth, and as a result, many are skeptical of free enterprise and capitalism. A stunning 2016 Harvard University survey of young adults between the ages of 18 and 29 […]
Whole Foods Shareholders Sue to Block Amazon Merger…
A pair of class-action lawsuits claim a financial statement issued by Whole Foods to its stockholders did not disclose potential conflicts of interest and other relevant information about its proposed merger with Amazon. Robert Riegel and Robert Berg sued Whole Foods Market and its board of directors in Austin federal court for alleged securities violations […]
It’s Not the Avocado Toast: Federal Reserve Finds Student Debt Reducing Millennial Home Ownership…
In May, a Melbourne-based real estate mogul’s claim that millennials would be able to afford homes if only they cut back on discretionary expenses such as avocado toast went viral — with many heaping mockery on the suggestion. Now the Federal Reserve has its own hot take to throw on the pile. Except this one […]
Tech May Replace Half of All Low-Skilled Jobs in the U.S….
Ball State University sits in Muncie, Indiana, at the heart the “Rust Belt,” so educators there have the right to be pessimistic about the drift of the U.S. economy. But a report by the school’s Center for Business and Economic Research goes even further. “We found a toxic brew,” said CBER Director Michael Hicks. “Automation […]
Speaker Ryan Squeezes 15,000 Extra H-2B Workers From DHS Chief John Kelly…
U.S. businesses in danger of suffering irreparable harm due to a lack of available temporary nonagricultural workers will be able to hire up to 15,000 additional temporary nonagricultural workers under the H-2B program … “Congress gave me the opportunity to provide temporary relief to American businesses in danger of suffering irreparable harm due to a […]
There Has Been Just One Buyer of Stocks Since the Financial Crisis…
When discussing Blackrock’s latest quarterly earnings (in which the company missed on both the top and bottom line, reporting Adj. EPS of $5.24, below the $5.40 exp), CEO Larry Fink made an interesting observation: “While significant cash remains on the sidelines, investors have begun to put more of their assets to work. The strength and […]
Why Are Taxpayers Subsidizing Amazon’s Special Delivery?…
In my neighborhood, I frequently walk past “shop local” signs in the windows of struggling stores. Yet I don’t feel guilty ordering most of my family’s household goods on Amazon. In a world of fair competition, there will be winners and losers. But when a mail truck pulls up filled to the top with Amazon […]
The Technical Failure That Could Clear the Oil Glut in a Matter of Weeks…
OPEC exports have come under pressure this week from technical threats to oil fields, with Saudi Arabia’s Manifa problems grabbing the headlines. Saudi Aramco CEO Amin Nasser, while addressing the World Petroleum Congress in Istanbul, stated that the outlook for oil supplies is “increasingly worrying”, due to a loss of $1 trillion ($1000 billion) in […]
40% of the Fed’s Interest on Excess Reserves Is Paid to Foreign Banks…
Even as both the Fed and Wall Street are gripped by a raging debate over when, how and how much the Fed should shrink its balance sheet, most appear to be ignoring the $2.1 trillion elephant in the room: the fact that every incremental increase in the Fed Funds rate (also an increase in the […]
Five Takeaways from Yellen’s Hearings on the Hill…
On Wednesday, Janet Yellen testified before the House Financial Services Committee. Though the hearings lost much of their appeal when Dr. Ron Paul retired from Congress, the House Republicans have maintained a reputation for being far more hostile to the Federal Reserve than their colleagues in the Senate — managing to generate some worthwhile moments. […]
IEA: U.S. to Become World’s Biggest LNG Exporter by 2022…
Exports of liquefied natural gas (LNG) from the United States are going to overtake those of Australia and Qatar, making the country the world’s largest supplier, according to the latest report by the International Energy Agency (IEA). The agency says more than half of the natural gas produced in the US will be converted to […]
Court House Doors Will Reopen for Millions of U.S. Consumers…
Yesterday, Richard Cordray, the Director of the Consumer Financial Protection Bureau (CFPB) that was created in 2010 under the Dodd-Frank financial reform legislation, did what few Americans thought he would dare to do: he stood up to threats of being fired; threats of backlash from Wall Street titans; threats of having his agency’s budget gutted; […]
Trump Energy Policy May Finally End the Rule of OPEC…
In November 2014 I wrote about the attack OPEC started on the American oil industry. Saudi Arabia said it wanted to put the American frackers out of business. Then-President Barack Obama did nothing. He was opposed to the oil industry and was more in favor of non-carbon based sources of energy. OPEC bet their countries’ […]
Missouri Rolling Back Minimum Wage From $10 To $7.70…
As rallies across the country have demanded an increase in the minimum wage to $15 per hour, one state is reducing its legal lowest rate. Missouri is rolling back its minimum wage from $10 to $7.70. Missouri Gov. Eric Greitens, in office since January, is allowing a bill passed by the Republican-controlled state legislature to […]
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ADP Employment Disappoints – No Manufacturing Jobs Gained in June…
After jumping heroically in May, ADP reported a disappointing 158k employment gain in June (188k exp.) and revised May’s exuberance notably lower (253k to 230k). While ‘soft’ survey data suggests empoloyment should be resurging, the hard numbers are disappointing again. Medium-sized firms dominated the gains (+91k vs Small firms 17k and Large firms +50k).Perhaps most […]
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