Obama cancels meeting with Putin in Moscow amid tensions over NSA leaker Edward Snowden. http://t.co/Wdy2SYXvSt
— WSJ Breaking News (@WSJbreakingnews) August 7, 2013
The US trade deficit is now at its lowest point since that date and currently stands at $34.22 billion for the month ofJune 2013.
This insane world was created through decades of bad decisions, believing in false prophets, choosing current consumption over sustainable long-term savings based growth, electing corruptible men who promised voters entitlements that were mathematically impossible to deliver, the disintegration of a sense of civic and community obligation and a gradual degradation of the national intelligence and character. There is a common denominator in all the bubbles created over the last century – Wall Street bankers and their puppets at the Federal Reserve. Fractional reserve banking, control of a fiat currency by a privately owned central bank, and an economy dependent upon ever increasing levels of debt are nothing more than ingredients of a Ponzi scheme that will ultimately implode and destroy the worldwide financial system. Since 1913 we have been enduring the largest fraud and embezzlement scheme in world history, but the law of diminishing returns is revealing the plot and illuminating the culprits. Bernanke and his cronies have proven themselves to be highly educated one trick pony protectors of the status quo. Bernanke will eventually roll craps. When he does, the collapse will be epic and 2008 will seem like a walk in the park.
Are American workers paid enough? That is a topic that is endlessly debated all across this great land of ours. Unfortunately, what pretty much everyone can agree on is that American workers are not making as much as they used to after you account for inflation. Back in 1968, the minimum wage in the United States was $1.60 an hour. That sounds very small, but after you account for inflation a very different picture emerges. Using the inflation calculator that the BLS provides, $1.60 in 1968 is equivalent to $10.74 today. According to the Social Security Administration, 40.28% of all workers make less than $20,000 a year in America today. So that means that more than 40 percent of all U.S. workers actually make less than what a full-time minimum wage worker made back in 1968. That is how far we have fallen.
So, somehow the US economy is roaring back in a big way? Hard to see. Over 70% of the economy is consumer spending. And spending is driven by incomes. And incomes are… falling.
The latest subjunctive paraphrase, just released by the US State Department: "Please don't panic... well, actually panic just a little bit, but thanks to the NSA's pervasive snooping activity, in retrospect there will have been no need to panic, as any terror threats will have been promptly eliminated (except for those that sneak through the NSA's dragnet like the Boston bombing of course). So all is well... but not really, which is why we are extending embassy closures for a little more, due to highly specific unspecified threats which we can't reveal. Just know the threats are there. But thanks to the NSA, there is nothing to worry about. Unless there is."
When one examines the impending disaster in Egypt, it is important to avoid using a narrow lens and take into account the bigger picture. An Egyptian civil war will not ultimately be about Egypt. Rather, it will be about catalyzing the whole of the Middle East towards breakdown and drawing in larger nations in the process, including the United States. It will also be about triggering energy price increases designed to give cover to the collapse of the dollar's world reserve status. If globalists within our government and within central banks allow the dollar to die today, THEY will be blamed for the collapse that follows. THEY will be painted as the villains. But, if they can create a crisis large enough, that crisis becomes the scapegoat for all other tragedies, including dollar debasement. Egypt is just one of many regions in the world where such a crisis can be fabricated. Right now, it seems to be the most opportune choice for the elites.
The man who in the first months of his reign took over the bankruptcy process turning it over on its head to benefit the state over centuries of established creditor rights (with GM, Chrysler and a whole lot of union votes), and who defined his entire first term by nationalizing the US healthcare system, who personally determined the cutoff for "wealth" at $250,000 per year (with the corresponding tax hike "benefits" to go with it), not to mention inheriting the George W. Bush personal surveillance apparatus and taking the nationalization of individual rights and liberties to a whole new level, has just decided to branch out and subordinate yet another two birds of distributed, efficient, global decision-making to his will: trade and patent law.
Now that Edward Snowden has been granted temporary asylum in Russia and he has been allowed to leave the airport, things are starting to hot up between the US and Russia.
- Low Wages Work Against Jobs Optimism (WSJ)
- Tourre’s Junior Staff Defense Seen Leading to Trial Loss (BBG)
- Russia gives Snowden asylum, Obama-Putin summit in doubt (Reuters)
- Fortress to Blackstone Say Now Is Time to Sell on Surge (BBG)
- Brazil backs IMF aid for Greece and recalls representative (FT), previously Brazil refused to back new IMF aid for Greece, says billions at risk (Reuters)
- Google unveils latest challenger to iPhone (FT)
- Swaps Probe Finds Banks Manipulated Rate at Expense of Retirees (BBG)
- Academics square up in fight for Fed (FT)
- Potash Turmoil Threatens England’s First Mine in Forty Years (BBG)
- Dell Deal Close but Not Final (WSJ)
The U.S. is "extremely disappointed" in the move by Russia to grant 'temporary asylum' to Edward Snowden, White House spokesman Jay Carney told reporters this morning. Carney appeared to add a threat, as the WSJ reports, he added that the Russian decision undermines law-enforcement cooperation between Moscow and Washington. Russia's decision also threatens to derail a planned September summit in Moscow between Obama and Putin (oh to be a fly on that wall), as Carney advised "we are evaluating the utility of a summit in light of this." Snowden's earlier comments that "over the past eight weeks we have seen the Obama administration show no respect for international or domestic law, but in the end the law is winning," did not help, adding that he thanks "the Russian Federation for granting asylum in accordance with its laws and international obligations." US politicians see it a little differently, U.S. Sen. John McCain (R-A.Z.) called the move "a disgrace and a deliberate effort to embarrass the United States." Seems they are managing that all on their own.
- Headlines only idiots, Schrodinger and Goebbels could love:
- For nuns and analysts alike, bank commodity earnings are a mystery (Reuters)
- US spying comes under fresh attack (FT)
- Summers Backed Yellen for Fed Before Rivals Now Prove More Alike (BBG)
- Good Luck Leaving Your Wireless Phone Plan (WSJ)
- Spain's Rajoy says he was wrong to trust treasurer in party funding scandal (Reuters)
- Shell's Profit Falls on Shale Write-Down (WSJ)
- Why Rand Paul and Chris Christie went to war (Politico)
- Sony Returns to Profit Aided by TV Business (WSJ)
NSA Spying Directly Harms Internet Companies, Silicon Valley, California … And the Entire U.S. EconomySubmitted by George Washington on 07/31/2013 12:47 -0500
Mass Surveillance Is “Killing Our Most Productive Golden Goose”
President Transparency, in the interest of protecting his Administration’s spotless record of least transparent ever, has decided to erase sections of his original campaign website so that inconvenient and broken promises (i.e., every single thing he said) can’t be so easily exposed. The section in question... 'Protect Whistleblowers'...
When Detroit filed for bankruptcy, the city's demands for a Federal bailout promptly rose to the surface and then just as promptly dissipated following a polite but stern rejection by the president, almost too fast and without any fight, according to some. Or maybe that is only how it appeared. According to the NYT, Detroit's advisors may be looking at a completely different source of Federal "assistance" - a much more indirect one, even if at the end of the day, it is taxpayers who end up footing the bill. Obamacare.