Millennials have felt more financial strain than any other generation since the Great Depression. Despite a decade of economic growth and decreasing unemployment, Americans born between 1981 and 1996 have less wealth and property, lower marriage rates, and fewer children, according to new data. “Their economic fundamentals are fundamentally different,” Christopher Kurz, an economist at […]
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Bankers Groups Urge Senate to Advance Marijuana Reform…
Bankers associations for 50 states and Puerto Rico signed a letter Monday asking senators to consider letting financial institutions legally work with state-legal marijuana businesses. “The undersigned state bankers associations, which represent banks of all sizes, write to urge the Senate Banking, Housing and Urban Affairs Committee to conduct hearings on the merits of providing […]
Xi Jinping Tells China to Prepare for Long Trade War with U.S….
Chinese President Xi Jinping, in his first domestic tour since a trade war broke out with the Trump administration, has told his people that they should be prepared for a long battle with the US. “We are here at the starting point of the Long March to remember the time when the Red Army began […]
Ford to Lay Off 7,000 White Collar Workers in Final Wave of Salaried Job Cuts…
Ford Motor Co. said Monday it is planning to layoff white collar 7,000 workers, with 800 coming this summer — most in the Detroit area. The automaker said the layoffs will start with 500 salaried workers leaving involuntarily this week and another 300 in June. The majority of the affected workers will be notified Tuesday. […]
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Japan Ends Longstanding Trade Restrictions on American Beef, Setting Stage for Exports to Grow…
Japan has agreed to lift longstanding restrictions on American beef exports, clearing the way for U.S. products to enter the market regardless of age, the U.S. Department of Agriculture announced Friday. The news comes on the heels of other important trade developments on Friday, including the Trump administration’s plans to delay auto tariffs on the […]
Bill Would Stop Government From Paying Dead People…Not Kidding…
A bill introduced in the Senate last week would stop the federal government from paying dead people. The bipartisan Stopping Improper Payments to Deceased People Act, introduced by Sens. John Kennedy, R-La., and Tom Carper, D-Del., comes in response to several inspector general audits detailing how the Social Security Administration paid more than $40 million […]
Chicago Becomes First Major City to Collect ‘Netflix tax’…
Chicago is the first major city to collect what’s dubbed the “Netflix tax.” The Windy City has raked in $2 million after imposing a 9 percent tax on companies like Sony and Fandango. The four-year old tax whose name comes from targetting streaming entertainment services is gaining attention from other cities and states. “This is […]
President Trump Announces Deal with Canada, Mexico to End Steel and Aluminum Tariffs…
President Donald Trump announced an agreement with Canada and Mexico to remove U.S. tariffs on steel and aluminum imports, as he again blasted reporting on his administration’s Iran policy. Speaking in Washington at a National Association of Realtors conference, Trump said the U.S. had “just reached an agreement with Canada and Mexico.” The agreement to […]
As Regulators Squirm in their Seats at Hearing, JPMorgan and Citigroup Get Slapped with More Rigging Charges by EU…
At a House Financial Services Committee hearing yesterday, Republicans attempted to marshal arguments for why U.S. banks needed more relief from regulatory oversight. Those arguments weren’t helped by the news of the day. As the hearing got underway, headlines were being promulgated around the globe that JPMorgan Chase, Citigroup and three foreign banks had been […]
EU Fines Citigroup, JPMorgan, 3 Other Banks $1.2B for Collusion…
The European Commission fined five banks more than $1 billion Thursday, including Citigroup and JPMorgan, for participating in collusion activities involving 11 currencies and two cartels in the Spot Foreign Exchange market. The commission penalized Citigroup, JPMorgan, Barclays and the Royal Bank of Scotland for taking part in the Forex-Three Way Banana Split cartel. Barclays, […]
Dow Rises More Than 200 Points, Posts Best Day in a Month to Claw Back Some of Monday’s Drop…
Stocks rose on Tuesday, regaining some of the sharp losses from the previous session, as investors weighed the impact of the escalating trade war between the United States and China. The Dow Jones Industrial Average rose 207.06 points to 25,532.05, boosted by gains in Visa and Boeing shares. The 30-stock index also posted its best […]
Oil Jumps After Saudis Admit Two Tankers Attacked as Iran Tensions Soar…
The bizarre and mysterious explosions that rocked the UAE port of Fujairah on Sunday just got even more strange after Saudi Arabia admitted overnight that two of its oil tankers were attacked while sailing toward the Persian Gulf possibly as part of the incident. Crude prices quickly jumped as much as 2% on the news. […]
DoJ Returns $200 Million Stolen from Malaysia’s 1MDB…
After seizing hundreds of millions of assets tied to the 1MDB embezzlement scandal, the DoJ is finally starting to return some of the money to the Malaysian people – though the roughly $200 million that has been handed over pales in comparison to the $4.5 billion that the DoJ believes was stolen from public development […]
Dow Dives Over 600 Points Amid U.S.-China Trade Tiff…
U.S. stocks tumbled on Monday with the Dow Jones Industrial Average falling 617 points recovering from a loss of over 700 points early afternoon as trade tensions and rhetoric between the U.S. and China escalate. The Dow and the S&P 500 lost over 2 percent, marking the worst start to May since 1970. The Nasdaq […]
Singapore Studying Whether to Allow Digital-Only Banks…
Singapore is discussing the possibility of allowing virtual banks to operate in the city state, the Monetary Authority of Singapore said Tuesday. “MAS is studying whether to admit such digital-only banks with non-bank parentage,” the financial regulator said in an emailed reply to questions from Bloomberg News. “We have been engaging relevant stakeholders to ascertain […]
All 2,493 U.S. Products Targeted by China’s New 25% Tariffs…
China’s latest tariff retaliation, announced today, will hit some $60 billion in US exports, including hundreds of agricultural, mining, and manufactured products, threatening jobs and profits at companies around the United States. Before the trade war starts in earnest, China bought about 17% of US agricultural exports and was a major market for other goods, […]
NO DEAL – CHINA DEPARTS EARLY AS NEGOTIATIONS END…
Giddy up… President Trump has fulfilled another campaign promise to confront China and hold firm. As promised, three decades of Donald Trump’s intense commitment to stop the exfiltration of Amerian wealth is on display today – When you plant your tree in another man’s orchard don’t be surprised when you end up paying for your […]
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Massive Multi-Industry Fraud Involving Paternity Testing, MLM and LabCorp…
In this explosive series, Global Intel Hub has uncovered what is perhaps one of the largest and most sickening medical frauds ever, spanning the globe and involving multiple industries, an MLM scam, publicly traded companies like LabCorp (NYSE:LH), local municipalities such as county and city governments, and has even been perpetrated in U.S. courts. Someone […]
Trump Opens Another 730K Acres of California to Oil and Gas Drilling…
The Trump administration finalized plans Thursday to open nearly 730,000 acres of public lands and mineral estate across California’s Central Coast and the San Francisco Bay Area to new oil and gas drilling. The move ends over five years of no oil and gas leases, after a 2013 legal challenge against proposed expansion of oil […]
U.S. Natural Gas Exports to Europe Surge Nearly 300%…
The European Union announced Thursday that its imports of U.S. liquefied natural gas have climbed 272% since 2016, with the steepest increases occurring after President Trump met last July with European Commission President Jean-Claude Juncker to hash out a trade deal. The EU announced the big statistic in kicking off a high-level meeting between U.S. […]