Table 9

It’s the breakdown of jobs by age that really screams out. It is a known fact that people in the 45 to 54 age bracket are in their prime earning and spending years. In the last year the number of employed 45 to 54 year olds has DECLINED by 67,000. It DECLINED in May by 51,000. It has DECLINED by 187,000 since February. It is a known fact that people over 55 dramatically reduce their spending as they approach and enter their retirement years. The Boomers have added 824,000 jobs in the last year, or 28% of all the new jobs added.

California Begins To Rip Up Lawns Because "The Whole Damn State [Is] Out Of Water"

One way to ensure that Californians cut back on watering their lawns is to simply encourage households to remove the grass altogether and replace it with something that needs far less water — like rocks. "California’s love for lawns is wholly unsuited to the state’s dry climate," one professor tells The Guardian. It's an “'inherited historic aesthetic' that comes straight out of the British Empire."

Capital Controls Explained: Argentina Edition

When governments find themselves in financial trouble because of the stupid decisions that they’ve made, their first response is to award themselves even more power to make even stupider decisions. And among the stupidest decisions that any government can make is imposing capital controls… something that Argentina has in abundance.  Capital controls are like the Matrix; you can’t really explain what they are. You have to show people. Argentina does not disappoint.

"Einstein" Fooled By "Chinese" Hackers In Massive Government Data Breach

"The hackers who stole personal data on 4 million government employees from the U.S. Office of Personnel Management sneaked past a sophisticated counter-hacking system called Einstein 3, a highly-touted, multimillion-dollar and mostly secret technology that’s been years in the making [but is] already obsolete," Bloomberg says. Unfortunately, bureaucratic delays, Presidential pettiness, and Congressional paralysis likely mean no improvements are forthcoming.

A Hopeful Edward Snowden Says "The Balance Of Power Is Beginning To Shift"

"The balance of power is beginning to shift. We are witnessing the emergence of a post-terror generation, one that rejects a worldview defined by a singular tragedy. For the first time since the attacks of Sept. 11, 2001, we see the outline of a politics that turns away from reaction and fear in favor of resilience and reason. With each court victory, with every change in the law, we demonstrate facts are more convincing than fear. As a society, we rediscover that the value of a right is not in what it hides, but in what it protects."

A Very European Episode

It is not so much that Greece and other nations are facing severe financial difficulties. At the end of the day, most man-made problems are solvable, especially in finance. What truly worries us is that this widely diverse group is required to come up with robust solutions to very sensitive political and economic problems, with wide reaching implications. Accordingly, this Greek saga has been going on for five years, and we are now deeply in the realm of unpalatable solutions – if indeed one can actually be found.

Greek Banks On Verge Of Total Collapse: Bank Run Surges "Massively" As Depositors Yank €700 Million Today Alone

While the Greek government believes it may have won the battle, if not the war with Europe, the reality is that every additional day in which Athens does not have a funding backstop, be it the ECB (or the BRIC bank), is a day which brings the local banking system to total collapse. And another day, or two, like today, and it may all be over:  According to banking sources, the Greek bank outflows on Friday soared to 700 million Euros from 272 million Euros on Thursday.

Ron Paul Stunned That George Soros Seeks To "Expand War In Ukraine"

Earlier this week, using hacked and leaked documents and pdfs created by, among others, George Soros' most recent wife who is less than half his age, we showed something fascinating: the puppetmaster behind the entire Ukraine conflict may be none other than George Soros himself.  Despite the limited distribution of this very fascinating story which casts a vastly different light on the Ukraine conflict than one shone by the mainstream, it did catch the attention of one person: Ron Paul. In the following clip Ron Paul looks at the stunning implications of Soros' involvement behind the scenes in Ukraine, how he may be pulling the strings in this most critical proxy war between East and West, and what he stands to gain.

 

Looking For The Next One: "All The Pieces Are Already In Position, Missing Now Only A Spark"

The Fed sees no risks of bubble trouble because they are looking at it all from the 2008 perspective. That is completely wrong-headed; if there is a “next one” it will have nothing to do with subprime mortgages, or even mortgages and real estate. Everyone seems to simply assume that the subprime problem ended in 2008, if only by crash. That is true but only of mortgages. Deleveraging is myth as debt has still expanded, and greatly, just not in the same exact places. There are certainly auto and student loans that have exploded exponentially, especially in subprime categories, but if there is another credit bubble now, the third, it is undoubtedly corporate debt.

"The Job Numbers Literally Do Not Add Up"

The last time the Establishment Survey was as robust as the past year or so was 1999; then, the average productivity was 3.7%! That number actually makes sense intuitively, since businesses would have good reason to go on a hiring spree. Porting that to the current period, as in the mathematical construction of productivity here, would mean, holding output constant, that total hours in the past five quarters would have been not +2.7% but -1.7%. These numbers literally do not add up.

The Stock Market Is Disappearing In One Giant Leveraged Buyout

This is the end game of unfettered capitalism. The signs are all here. When you cast aside reasonable restraints, the unscrupulous among us will rise to the top and exploit everyone else. What we have left is a new American feudalism where CEOs move around like a pack of ruthless Somalian warlords. Riding behind the banner of efficiency, they replace employees with robots, outsource their work to foreigners and tell their employees to train their own replacements, and collude with hedge fund managers to strip companies of their most valuable assets to temporarily boost the stock price.

Memo To The Fed And Jon Hilsenrath: We're Not Here To Enrich Your Corporate Cronies

Memo to the Fed and its media tool Hilsenrath: we're not here to further enrich your already obscenely rich banker and corporate cronies by buying overpriced goods and services we don't need. Our job is not to spend every cent we earn on interest to banks and mostly-garbage corporate goods and services. Our job is to limit the amount we squander on interest and needless spending. Our job is to build the financial security of our families by saving capital and prudently investing it in assets we control (as opposed to letting Wall Street control our assets parked in equity and bond funds).

DoJ To Tax Wall Street (Again) In MBS Probe

Emboldened by its recent “unprecedented” prosecutorial success, the DoJ will now pursue a fresh round of MBS-related settlements with banks that knowingly packaged and sold shoddy CDOs. Banks expected to settle in coming months include Barclays PLC, Credit Suisse Group AG, Deutsche Bank AG, HSBC Holdings PLC, Royal Bank of Scotland Group PLC,UBS AG and Wells Fargo & Co.

Quantifying The Global Sovereign Bond "Carnage": $625 Billion Lost Since March, And Counting

The world’s financial system is saturated with speculations fostered by nearly two-decades of central bank credit inflation. Just since 2006, the footings of central bank balance sheets have expanded from $6 trillion to upwards of $22 trillion. That’s all combustible monetary fuel that cannot be recalled; it can only be liquidated in the course of a monumental meltdown in the casino. So, yes, after the carnage of the past few days the global sovereign bond index has lost $625 billion since the bond bubble peak in late March. Call that spring training.

Al-Qaeda Informant Says Yemen Lied To US, Secretly Channelled Money, Bombs

In an exclusive interview with Al Jazeera, a former al-Qaeda informant for the Ali Abdullah Saleh government claims Abdullah Saleh and his lieutenants not only turned a blind eye to AQAP operations in the country, but in fact played a direct role in facilitating al-Qaeda attacks even as the government accepted anti-terrorism financing from the US.