Meet The Extreme Super Rich: A List Of The 80 People Who Own As Much As The World’s Poorest 3.6 BillionSubmitted by Tyler Durden on 01/28/2015 15:31 -0500
"Eighty people hold the same amount of wealth as the world’s 3.6 billion poorest people, according to an analysis just released from Oxfam. The report from the global anti-poverty organization finds that since 2009, the wealth of those 80 richest has doubled in nominal terms — while the wealth of the poorest 50 percent of the world’s population has fallen." There you have it. The reason the wealth of the richest has doubled since 2009, is because “it’s not a recession, it’s a robbery.” Central bank and government policy has done this, it is no accident.
- Oil Drops Below $45; U.S. Stockpiles May Speed Collapse (BBG)
- Pound Drops as Traders Write Off Higher Rates on Inflation Slump (BBG)
- Oil prices down again as UAE defends holding production (Reuters)
- The Politics Behind the ECB's Threat to Cut Greece Funding (BBG)
- France dispatched thousands of police and military personnel to protect synagogues and Jewish schools, as the government warned of continued terror threats after three days of deadly violence (WSJ)
- Chinese Car Dealers Find Days of ‘Printing Money’ Ending (BBG)
- Gold Rises to Highest Since October as U.S. Rate Outlook Weighed (BBG)
- Divers retrieve crashed AirAsia jet's cockpit voice recorder (Reuters)
Prisons employ and exploit the ideal worker. Prisoners do not receive benefits or pensions. They are not paid overtime. They are forbidden to organize and strike. They must show up on time. They are not paid for sick days or granted vacations. They cannot formally complain about working conditions or safety hazards. If they are disobedient, or attempt to protest their pitiful wages, they lose their jobs and can be sent to isolation cells. The roughly 1 million prisoners who work for corporations and government industries in the American prison system are models for what the corporate state expects us all to become. And corporations have no intention of permitting prison reforms that would reduce the size of their bonded workforce. In fact, they are seeking to replicate these conditions throughout the society.
Despite the authorities' best efforts to keep everything orderly, we know how this global Game of Geopolitical Tetris ends: "Players lose a typical game of Tetris when they can no longer keep up with the increasing speed, and the Tetriminos stack up to the top of the playing field. This is commonly referred to as topping out."
"I’m tired of being outraged!"
"... Shortly after returning from a trip in late 2009, Farmer erased electronic notes, in Microsoft Word format, that were stored on thumb drives, Zip drives and a shared drive at Citadel, agents wrote in a summary of one of the interviews with him. Farmer also threw away his handwritten notes because that was his normal practice and because they were incriminating, agents wrote. Farmer got rid of e-mails as well, according to their summary. “This,” they wrote, “wiped the slate clean."
Job cut announcements in tech doubled from a year ago. Worst year since 2009.
- To salvage his presidency, Obama faces pressure to reboot - but will he? (Reuters)
- Pro-Russian separatist Zakharchenko wins Ukraine rebel vote (Reuters)
- Russia's Recognition of Ukrainian Separatist Election Is 'Incomprehensible,' Germany Says (Moscow Times)
- Man Running World’s Biggest Wealth Fund Tackles China Riddle (BBG)
- Russian Supply Underpins Global Oil Glut (WSJ)
- Argentina accuses Procter & Gamble of tax fraud, says suspends operations (Reuters)
- ECB Skips Fireworks for Day One of New Role as Supervisor (BBG)
- HSBC Hit by $1.7 Billion of Provisions (WSJ)
- Quid pro quo Clarice: Iran seeks give and take on Islamic State militants, nuclear program (Reuters)
- Alibaba’s Banks Said to Boost IPO Size to Record $25 Billion (BBG)
- European Stocks Fall Amid China Concern as Tesco Slides (BBG)
- Tesco Suspends Executives, Probes Error That Triggers New Profit Warning (WSJ)
- Kurds say they have halted Islamic State advance on Syrian town (Reuters)
- Because luck and managing money is genetic: Financial Elite's Offspring Start Their Own Hedge Funds (WSJ)
- Islamic State Onslaught Spurs Mass Exodus of Syrian Kurds (BBG)
- Rockefellers, Heirs to an Oil Fortune, Will Divest Charity From Fossil Fuels (NYT)
Shale Fracking Is a “Ponzi Scheme” … “This Decade’s Version of The Dotcom Bubble” … “A Lot In Common With the Subprime Mortgage"Submitted by George Washington on 09/19/2014 00:12 -0500
“... Just Before It Melted Down”
Financial engineers have taken over; actual engineers are relegated to an expense category that must be cut.
“What the government is good at is collecting taxes, taking away your freedoms and killing people. It’s not good at much else.” —Author Tom Clancy Call it what you will—taxes, penalties, fees, fines, regulations, tariffs, tickets, permits, surcharges, tolls, asset forfeitures, foreclosures, etc.—but the only word that truly describes the constant bilking of the American taxpayer by the government and its corporate partners is theft. What Americans don’t seem to comprehend is that if the government can arbitrarily take away your property, without your having much say about it, you have no true rights. You’re nothing more than a serf or a slave.
- Headline of the day: Complacency Breeds $2 Trillion of Junk as Sewage Funded (BBG)
- Israel intensifies Gaza offensive after surge in rocket fire (Reuters)
- Profits plunge at Vatican bank (FT)
- Investors Are Buying Troubled Golf Courses and Giving Them Makeovers (NYT)
- Pimco Dissidents Challenge Bill Gross in ‘Happy Kingdom (BBG)
- That's a new one: Marks and Spencer blames new website for sales drop (Reuters)
- Iran's Supreme Leader calls for more enrichment capacity (Reuters)
- Boeing Faces Long-Term Credit Risk if Ex-Im Bank Closed, S&P Says (WSJ) not to mention the collapse risk to US durable goods orders
- U.K. Manufacturing Unexpectedly Slumps Most in 16 Months (BBG)
- Some Still Lack Coverage Under Health Law (WSJ)
What this chart shows is that when it comes to core manufacturing and service trade, that which excludes petroleum, the US trade deficit hit some $49 billion dollars in the month of May, the highest trade deficit ever recorded! In other words, far from doubling US exports, Obama is on pace to make the export segment of the US economy the weakest it has ever been, leading to millions of export-producing jobs gone for ever (but fear not, they will be promptly replaced by part-time jobs). It also means that the collapse in Q1 GDP, much of which was driven by tumbling net exports, will continue as America appear largely unable to pull itself out of its international trade funk, much less doubling its exports.
The markets are not recognizing the clear signals that things are changing behind the scenes. This is precisley how 2007 lead to 2008.
"Traditionally we’ve been a financially conservative company," explains one fracking company, warning that "we’ve become more leveraged than we historically have been and we’ve become uncomfortable with that." This is the growing message from a shale boom that, as Bloomberg reports, is facing a shakeout as drillers struggle to keep pace with the relentless spending needed to get oil and gas out of the ground. As everyone chases the dream, well counts have soared and production per well has tumbled. "The list of companies that are financially stressed is considerable," warns one analyst as shale debt has almost doubled over the last four years while revenue has gained just 5.6% "not everyone is going to survive. We’ve seen it before."