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Yuan, Futures Slide After Trump Orders Retirement Fund Investment in Chinese Stocks Blocked…

Having threatened last week that “COVID reparation” would be paid one way or another – and following Peter Navarro’s comments echoing the same rhetoric this morning – FOX Business reports that President Trump is moving ahead with his plans to block a government retirement fund from investing in Chinese equities considered a national security risk. […]

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Yowza!: Deficit Soared to Record-Smashing $738B in April…

The Treasury Department on Tuesday said that the federal government ran a historic $738 billion deficit in April. The shortfall, which reflects the effects of the coronavirus pandemic, is about 3 times as large as the second-largest monthly deficit on record. It is larger than the federal deficit for all of fiscal year 2017, which […]

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Fed Chair Powell Has Upwards of $11.6 Million Invested with BlackRock, the Firm that Will Manage a $750 Billion Corporate Bond Bailout Program for the Fed…

Most Americans likely assume that Jerome Powell, the Chairman of the Federal Reserve, is an economist, like the prior chairs of the Fed over the past 40 years. He’s not. Powell is a former investment banker at the Wall Street firm, Dillon Read; a former partner at the controversial private equity and leveraged buyout firm, […]

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The Fed Is Propping Up Companies It Had Warned Banks Not to Touch…

For years, the Federal Reserve warned that too many highly risky companies were engaging in fuzzy accounting that bumped up their earnings — making it easier for them to obtain loans. The practice was driving up corporate debt to excessive and worrisome levels, regulators chastised. But now, in its latest effort to keep credit flowing, […]

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China Not Yet Honoring Purchase Commitments, New Trade Data Shows…

A pandemic wasn’t on the radar when the United States and China inked “phase one” of a trade agreement in mid-January. And only a few months into the trade deal, mounting accusations against China for mishandling the virus outbreak and failing to fulfill its purchase targets in the agreement have revived fears of a second […]

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“Unprecedented” – Companies Slashed over 20 Million Jobs In April, ADP…

Given the fact that over 30 million Americans have filed for initial jobless claims in the last six weeks, it is perhaps no surprise that economists expected a 20.5 million ADP job loss in April. In fact, silver lining, the number ‘beat’ with 20.236 million. For context, the largest monthly job loss during the great […]

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SUVs Get Parked in the Sea, Revealing Scope of U.S. Auto Market Glut…

The length of almost two football fields, the cargo ship Jupiter Spirit arrived in Los Angeles’ harbor on April 24 after an almost three-week journey from Japan, ready to unload its cargo of about 2,000 Nissan Armada SUVs, Rogue crossovers and Infiniti sedans in a quick, half-day operation. But when the ship, operated by Nissan […]

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Lawsuit: Indian Managers Use H-1Bs to Discriminate Against Americans…

An Indian-run outsourcing company used Congress’s H-1B visa-worker program to systematically discriminate against American college graduates, according to a class-action lawsuit filed in New Jersey. The company, named Wipro, “operates under a general policy of discrimination in favor of [imported] South Asians and against [American] individuals who are not South Asian and not Indian,” says […]

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Big 4 Airlines Take on Wuhan Virus with New Safety Measures…

The largest of the U.S. airlines joined its competitors on Friday in creating safety measures the industry has never seen before as they all attempt to get their businesses flying again in the wake of the coronavirus shutdown. Southwest, which according to recent U.S. Department of Transportation data claimed 20 percent of U.S. air passengers […]

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Wall Street’s Financial Crisis Preceded Wuhan Virus: Chart and Timeline…

If a reputable polling outfit were to ask Americans what caused the current financial crisis on Wall Street, they would say the coronavirus COVID-19 pandemic. If Americans were asked in the same poll when the financial crisis on Wall Street started, they would tie it to outbreaks of the virus in the U.S. this year. […]

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Federal Reserve Extends Lifeline to Ailing U.S. Oil Industry…

The Federal Reserve made some changes to its Main Street Lending Program according to a Thursday press release by the central bank that will now extend a much-needed lifeline to the U.S. oil industry. As bankruptcies, capex cuts, and unfavorable financial reports from Q1 start to trickle into the US shale patch, more oil companies […]

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Looming Meat Shortages Highlight Over-Regulation of Small Farmers, Processors…

In an odd twist brought upon by shutdowns triggered by the CCP virus pandemic, farmers and ranchers around the country are killing off livestock, dumping milk, and breaking eggs even as warnings emerge about impending meat shortages. The problem lies with a handful of giant meat processing companies that take in pigs, cows, and chickens […]

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First Quarter GDP Drops 4.8% Amid COVID-19 Shutdown…

The Bureau of Economic Analysis (BEA) released the first quarter Gross Domestic Product (GDP) advanced estimate and the result is a 4.8% decline in economic activity. The revised fourth quarter GDP shows the economy was growing at 2.1 percent prior to the COVID-19 shutdown. The severity of the change in GDP reflects a severe drop […]

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Saudis Launched Oil Price War After ‘MBS Shouting Match with Putin’…

A telephone call last month between Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman degenerated into a shouting match just before Riyadh decided to flood the market with oil in a move which sent prices spiralling. Saudi officials with knowledge of the disastrous call told Middle East Eye that the row threatened […]

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The New York Fed Is Exercising Powers Never Bestowed on It by Any Law…

Earlier this month President Trump advanced the view that during a national emergency the President has “total power.” The real power, however, is being exercised by the Federal Reserve Bank of New York (New York Fed) with not so much as one vote by any elected representatives of the citizens of the U.S. The speed […]

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Tesla Fired 300 Janitors and Bus Drivers While Musk’s Wealth Grew by $650 Million in April…

We’ve been documenting the ongoing fire drill that is Tesla throughout the course of this pandemic. Most recently, we reported that workers at the company’s Fremont factory could be heading back in to work before the county’s stay-at-home order expires. …what’s left of the company’s workers, that is. We also reported days ago that Tesla […]

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Tyson Foods Issues Dire Warning in Full-Page NYT Ad as Lockdowns Threaten U.S. Food Supply…

Tyson Foods rolled out a full-page advertisement Sunday in The Washington Post and The New York Times warning that the country’s food supply chain is “breaking” amid continued lockdowns aimed at slowing down the coronavirus pandemic. The company’s board chairman John Tyson wrote in the ad that farmers will be left in the dust and […]

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Small Business Rescue Earned Banks $10 Billion in Fees…

Banks handling the government’s $349 billion loan program for small businesses made more than $10 billion in fees — even as tens of thousands of small businesses were shut out of the program, according to an analysis of financial records by NPR. The banks took in the fees while processing loans that required less vetting […]

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