The heiress to the Disney fortune was left horrified after an undercover visit to the company’s flagship theme park laid bare the desperate poverty of the staff working there. Abigail Disney decided to tour California’s Disneyland incognito after receiving a Facebook message from an employee who was struggling to make ends meet. Since discovering the […]
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IMF Outlines “Global” Danger from Trade War with President Trump…
An article from Reuters discussing the position of the International Monetary Fund (IMF) is interesting. Essentially the IMF is warning that “global economies” will contract by $455 billion next year due to the ongoing trade conflict between the U.S., China, the EU and to a lesser extent, Japan. Yes Alice, there are hundreds of billions […]
Strong U.S. Retail Sales Boost Economic Outlook…
U.S. retail sales increased more than expected in June, pointing to strong consumer spending, which could help to blunt some of the drag on the economy from weak business investment. The report from the Commerce Department on Tuesday did not change market expectations that the Federal Reserve will cut interest rates this month for the […]
U.S. Has ‘very serious concerns’ that Facebook’s Cryptocurrency Libra Could Be Misused by Terrorists…
Treasury Secretary Steven Mnuchin has concerns about Facebook’s proposed cryptocurrency and its potential illicit use. In a press conference Monday, Mnuchin said Facebook’s planned digital currency “could be misused by money launderers and terrorist financiers” and that it was a “national security issue.” “Cryptocurrencies such as bitcoin have been exploited to support billions of dollars […]
Now It Makes Sense – Beijing Assigned Hardline Trade Handler to Vice-Premier Liu He…
We had to wait a few weeks to see how the Beijing communists and Xi Jinping hardliners were positioned for new trade talks; and now things make sense. Initially it seemed at odds with Beijing’s prior position to restart U.S-China trade negotiations with Vice-Premier Liu He. The prior three months of negotiation came to a […]
FTC Approves $5B Facebook Settlement Over Data Privacy Probe…
The Federal Trade Commission voted this week to approve a $5 billion settlement with Facebook to resolve a lengthy probe into the social media giant’s data privacy practices, according to a report on Friday. FTC commissioners approved the settlement by a 3-2 vote along party lines, the Wall Street Journal reported, citing sources familiar with […]
Facebook Stock Hits Highest Price in Nearly a Year After Reports of $5B FTC Fine…
Facebook Inc. shares closed at their highest price in nearly a year Friday after reports that the Federal Trade Commission has approved a $5 billion fine, a record amount that would still be less than a quarter of Facebook’s annual profit. The 3-2 vote along party lines, first reported by the Wall Street Journal and […]
Stocks and Precious Metals Charts – Dear Mr. Powell – Art Imitates Life— Life Imitates High School…
“Thus the elements are in place: a weak legislative body, a legal system that is both compliant and repressive, a party system in which one (I would in 2019 now say either) party, whether in opposition or in the majority, is bent upon reconstituting the existing system so as to permanently favor a ruling class […]
FBI Makes Arrests in Puerto Rico Corruption Scandal, Concerns About Billions in Storm Aid…
The FBI on Wednesday arrested two former senior officials who served in the administration of Puerto Rico Gov. Ricardo Rosselló, leading the chair of the House committee that oversees Puerto Rico to call for the governor to step down. The arrests also spurred concerns on Capitol Hill about the billions of dollars in aid that […]
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NEC Director Larry Kudlow Discusses U.S.-China Negotiation Restart…
White House National Economic Council Director Larry Kudlow on the U.S.-China trade talks where recontact has been established and now officially restarted. As noted, President Trump is in no hurry; the status-quo is leverage in our favor. Additionally Director Kudlow discusses the potential benefits of the USMCA trade deal and whether the Federal Reserve should […]
China June Exports Seen Falling, Adding to Fears of Global Slowdown…
China’s exports likely fell in June as weakening global demand and a sharp hike in U.S. tariffs took a heavier toll on the world’s largest trading nation, a Reuters poll showed. Imports are expected to have fallen for a second straight month, pointing to continued weakness in domestic demand and highlighting the need for Beijing […]
FOMC Minutes Show “Many Fed Officials” See Rate-Cuts Warranted…
Since the June FOMC meeting, Gold has dramatically outperformed. Stocks are higher but bonds and the dollar have roundtripped to unchanged (at least before Powell’s testimony sparked some comeback). Better-than-expected macro data has been the theme in the short amount of time since the June FOMC meeting. But Powell vehemently shrugged good news off today, […]
“It’s Going To Be Carnage” – Deutsche Begins Culling 18,000 Employees…
Deutsche Bank shares have continued to sell off ahead of the US market open. They were recently off 5% at a new session low, as the bank’s shareholders have apparently realized that DB won’t be able to return to profitability with no revenue. Some readers might have dismissed warnings of “Lehman-style” scenes outside Deutsche Bank’s […]
Sun, Sand and the $1.5 Trillion Dark Offshore Economy…
The British Virgin Islands is home to more than 400,000 companies that hold $1.5 trillion in assets. You wouldn’t know it if you walked through Road Town, the capital of this Caribbean archipelago. Hens and roosters compete brazenly with cars on the single narrow lane of Main Street. Law firms that set up and serve […]
Dow, S&P 500, Nasdaq Hit New Records…
U.S. stocks traded higher on Wednesday lifting the Dow Jones Industrials, the S&P 500 and the Nasdaq to new records as financial markets closed early for the July 4th holiday. President Trump celebrated the milestone tweeting a “congratulations!” noting the 19 percent annual gain for the broadest measure of stocks. Investors are now betting on […]
Russian Oligargh Kolomoisky Pyramid Started with Hillary Clinton and Victoria Nuland of the State Department Plus Christine Lagard of the IMF…
When Igor Kolomoisky (lead image, centre) financed anti-Russian units operating with the Ukrainian Army in the Ukrainian civil war, he was a staunch ally of Petro Poroshenko’s government in Kiev and the Obama Administration’s chief Ukraine policymakers, Secretary of State Hillary Clinton (left) and her Assistant Secretary for European Affairs, Victoria Nuland (right). They in […]
OPEC Slashes Oil Prices In Response To Soft Demand
The new OPEC/OPEC+ production cut agreement is now a confirmed fact, the world’s leading crude producers (the United States excepting) have agreed to prolong the supply coordination mechanism that has been in place since November 2017 for a further 9 months, up until March 2020. The extent of the cut remains the same, i.e. 1.2mbpd, […]
Second Offshore Wind Farm in United States Now Under Construction…
Dominion Energy Inc. began work to install cables for a wind farm in the Atlantic Ocean near Virginia, marking the start of construction on the second such facility off the U.S. coast. The Richmond, Virginia-based utility owner is working with Denmark’s Orsted A/S to install the two 6-megawatt turbines 27 miles (43 kilometers) east of […]
America’s Concealed Crisis: Fifty Years of Economic Decline, 1969 to 2019…
What if the “prosperity” of the past 50 years is mostly a statistical mirage for the bottom 80% of households? What if whatever real gains (adjusted for real-world loss of purchasing power) accrued only to the top of the wealth-power pyramid, those closest to financial and political power? What if the U.S. economy and society […]
U.S. Oil Output Tops 12 Million Barrels a Day for First Time…
U.S. crude output soared to new heights in April, highlighting OPEC’s dilemma just days before the producer group meets amid growing geopolitical threats. A government report on Friday showed U.S. production grew 2.1% in April to 12.16 million barrels a day. Booming shale production from places like the Permian basin of West Texas have enabled […]