Something remains very broken with the US labor market: while the unemployment rate just dropped to the lowest since August 2007, wage growth dropped as well and on a year over year basis, rose just 2.5%, far below the 3.8% it was when the unemployment rate last hit 4.7%…
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Here’s Why Mexico’s Central Bank Chief Resigns…
Media reports of Agustin Carstens resignation as chief of Mexico’s central bank have left MSM pundits and even business analysts scratching their heads. It appears no-one has any idea why Carstens is leaving… well, almost no-one…
REPORT: Amazon’s Stranglehold – How the Company’s Tightening Grip is Stifling Competition, Eroding Jobs and Threatening Communities…
Amazon has quietly positioned itself at the center of a growing share of our daily activities and transactions, extending its tentacles across our economy, and with it, our lives. Today, half of all U.S. households are subscribed to the membership program Amazon Prime…
The Electoral Consequences of Globalization…
Undoubtedly there are U.S.-specific factors that are relevant, such as racial divisions in voting patterns. But the election took place after the British vote to withdraw from the European Union and the rise to power of conservative politicians in continental Europe, so it is reasonable to ask…
A Short Round Up of Ross and Mnuchin Financial Comments this Week…
The Treasury market reacted this morning to a very cursory comment by Treasury Secretary nominee Steven Mnuchin that the average maturity of the debt should be extended since interest rates are likely to be low for a few more years. This comment seems like more of an excuse than a reason for the market’s move…
On Krugman and the Working Class…
That Krugman can wonder at the source of the disdain felt toward the liberal elite while lecturing Trump’s voters on their own self-interest is really quite remarkable. I don’t know that the white working class voted against their economic interest. I don’t pretend that I can define their preferences with such accuracy…
Meet The Man Who Made The OPEC Deal Possible…
Going into the Algiers OPEC meeting in late September, the prevailing sentiment among the analyst community was that there is no way any deal will get done…However, the deal did happened, surprising virtually everyone, and based on a new Reuters report, it was thanks to one man…
Man Steals $1.6 Million Bucket Full Of Gold In Midtown Manhattan In Broad Daylight…
Police released footage on Tuesday of what may be the luckiest theft in recent history. In the clip, a man brazenly swipes an 86-pound bucket full of gold worth $1.6 million from the back of an unattended armored truck on West 48th Street in the Diamond District on Sept. 29, in broad daylight…
OPEC Agrees to Cut Oil Output by 1.2 Million Barrels per Day – Bloomberg…
OPEC will reduce production by 1.2 million barrels a day to 32.5 million a day, two delegates said Wednesday during a ministerial meeting in Vienna, asking not to be identified as the decision isn’t yet public. Benchmark Brent crude rose 8 percent to $50.07 a barrel…
Big Names Take Hit on Theranos…
Theranos Inc. received much of its funding from high-profile private investors who weren’t part of the ecosystem that typically backs startups and could see their stakes wiped out by the blood-testing company’s regulatory and technological troubles…
Obama Grants Airbus License to Sell Commercial Aircraft to Iran…
The Obama administration has approved the sale of 106 Airbus planes to Iran. But the move rests on precarious ground as US President-elect Donald Trump is likely to overturn it when he takes charge in January…
Economist Who Predicted Brexit & Trump Brilliantly Explains Capitalism’s Collapse…
Mark Blyth, who accurately predicted Brexit and Trump explains in clear language how globalization and capitalism are failing people throughout the world and why that means more Brexits and Trumps are on the way…
Daimler to Invest $11B in Electric Cars…
German firms are investing heavily in electric cars, once shunned for their high cost and limited operating range but now benefiting from recent advances in battery technology and a backlash against diesel fumes. Technological advances to increase the reach of an electric car by up to 50 percent…
Top 0.7 Percent of World’s Population Controls $116.6 Trillion of Wealth…
The most recent review shows that nearly half the world’s wealth — or about $255 trillion, which makes up 45.6 percent of the world’s wealth — is owned by a mere 0.7 percent of the world’s population. Meanwhile, 73.2 percent of the world only holds about $6 trillion of the world’s wealth…
Judge Blocks Obama Overtime Rule…
The Labor Department’s contentious overtime rule was blocked Tuesday by a federal judge in Texas, putting one of President Obama’s top regulatory initiatives in jeopardy…
Crisis at the Federal Reserve. The End of the Washington Consensus? Nomi Prins on GRTV…
Nomi Prins talks about the changing economic and monetary landscape and how the locus of central bank power is shifting to the East, with players like the People’s Bank of China gaining in prominence and former US/EU lapdogs like the IMF becoming brokers for these new power players in the new world financial order…
Related
Obama Blocks New Offshore Drilling in Arctic for Next Five Years…
US President Obama has declared parts of the Arctic off-limits to new oil and gas drilling until 2022. Environmental groups have praised the move while Republican lawmakers have said they will try to overturn the plan…
Lame Duck Obama Cancels Oil And Gas Leases On Gov’t Land…
The Department of the Interior will cancel oil and natural gas leases on land supposedly sacred to the Blackfeet tribe. The tribe says that the land is a critical part of its creation story — one that’s supported by Interior Secretary Sally Jewell. But is the land actually sacred?…
Related
Permian’s Wolfcamp Formation Called Biggest Shale Oil Field in U.S….
One portion of the giant field, known as the Wolfcamp formation, was found to hold 20 billion barrels of oil trapped in four layers of shale beneath West Texas. That’s almost three times larger than North Dakota’s Bakken play and the single largest U.S. unconventional crude accumulation ever assessed…
What Will Trump Do About The Fed, The Debt Ceiling, And Trade: His Key Economic Advisor Explains…
David Malpass, a Trump economic advisor, has been tasked with overseeing the transition for the Treasury Department and economic policy. Last month, Malpass addressed a group of economists and reporters in Washington, laying out the Trump’s economic vision ahead of his election…
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