Aug 30

- Kick Russia Out Of SWIFT, UK Demands; But Beware The Retaliation… (ZeroHedge, Aug 29, 2014):

UK Prime Minister David Cameron came out swinging this morning; not only at ISIS but in calling for European leaders to block Russia from the SWIFT banking transaction system. European leaders have already (via unnamed sources) denied any actual new sanctions will take place (though they will be discussing them at the NATO Summit) but – as we have noted previously – this is yet another unintended consequence-driven nail in the coffin of USD hegemony

Bloomberg reports that the U.K. Said to Press EU to Block Russia From Banking Network

The U.K. will press European Union leaders to consider blocking Russian access to the SWIFT banking transaction system under an expansion of sanctions over the conflict in Ukraine, a British government official said. Continue reading »

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Aug 30

- Dear Future American Generations, You Are Screwed (ZeroHedge, Aug 29, 2014):

Faith that the future will be better than the present is slipping, as despite President Obama’s demands that Americans not be “cynics,” a new report shows there is a major lack of confidence that the next generation will have it better than the last one. As WSJ reports, most strikingly, only 16% of respondents agree that job and career opportunities will be better for the next generation than for their own – a drop from the 56% who were optimistic about this measure in 1999 and down even from the 40% who agreed in November 2009, well into the recession. Continue reading »

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Aug 30

- Can a National Quasi-Religion (Pro Sports) Go Broke? (Washington’s Blog, Aug 29, 2014):

Attending costly games is on the margins of the household budget. When the credit card gets maxed out, attending is no longer an option.

Please understand I’m not suggesting professional sports isn’t the greatest thing since sliced bread: I’m simply asking if attending pro sports games has become unaffordable to the average American.

Who cares as long as we can watch the games for free on television, right? That raises another issue: in the next recession, will advertisers still pay billions of dollars for broadcast TV ads on sports channels when ads on mobile devices distributed via Big Data analysis can directly target the (shrinking) populace who still has disposable income to spend?

Before we look at the money side of pro sports, let’s note the glorious shared experience of “our team” winning and hated rivals losing.Sports is one of the few experiences that unites a remarkably diverse populace, and one of the few spheres of life that isn’t politicized to ruination. Continue reading »

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Aug 30

obamacare-symbol

- CBO: Obamacare Discourages Work (ZeroHedge, Aug 29, 2014):

Remember all those allegations that Obamacare would be an unmitigated disaster for businesses, especially smaller companies? Well, now we have some facts. A week ago we noted that the Philly Fed found that Obamacare was a disaster for business, and now no lessor entity than the Congressional Budget Office (CBO) is out with its latest forecasts, concluding “certain aspects of the Affordable Care Act will tend to reduce labor force participation.”

20140828_CBO

Via Kevin Hall of TownHall.com,

the CBO does write, though, is that one of the downward pressures on the labor force is Obamacare. As the report finds: Continue reading »

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Aug 30

… and WW3.


- JPMorgan Warns Military Escalation In Ukraine “May Lead To A Lehman-Style Shock” (ZeroHedge, Aug 29, 2014):

The sudden military escalation in Ukraine in recent days has, according to JPMorgan’s Alex Kantarovich, reduced the earlier hopes that the high level meeting in Minsk on 26 August would help to defuse the conflict. As Kantarovich warns, the markets are now bracing for the US/EU responses. In the worst case scenario, now appearing more likely, severe pressure on stocks may extend. As he concludes, “we believe that with the significant deterioration in the Ukrainian situation, markets may treat this as a Lehman-style shock.”

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Aug 30

- Has Ukraine Shot Itself In The Foot With Gas Pipeline Deal? (ZeroHedge, Aug 29, 2014):

Last week, Ukrainian Prime Minister Yatsenyuk pushed a bill through the Verkhovna Rada that would see his country’s gas transportation system sold off to a group of international investors. The provisions of the law would permit the transit of natural gas to be blocked. This decision may hurt the fragile industrial recovery in Germany and finish off Ukraine’s potential as a gas transit route to Europe.

 

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Aug 29

- ‘TTIP agreement is an attack on people, society and environment in both Europe and the US’ (RT, Aug 28, 2014):

In TTIP talks the US and the EU are working on behalf of big businesses trying to attack the most prized social and environmental standards that people have fought for years to uphold and develop, executive director of War on Want John Hilary told RT.

RT: Italy has written to its EU partners calling for the details of talks on the vast trade deal with the United States to be made public. What do you think about this initiative?

John Hilary: I think it is a very important initiative on the part of Italy because we have been told that the details of the EU-US trade deal are completely secret. They have put a 30-year ban on all the key documents that we would like to see to really open up the heart of these negotiations. The main [thing] what Italy is calling for here is absolutely right: there needs to be a great deal of transparency to shed light on that moment, to the completely secret negotiations. The problem really is though that Italy is only asking for a particular piece of information to be made public, which actually has been leaked many months ago. So in a way they are trying to deal with something which is no longer an issue. The key documents that we need to see are the US documents, which are completely and utterly barred to all members of the public. Continue reading »

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Aug 28

xi-jinping-vladimir-putin

- The Nail In The Petrodollar Coffin: Gazprom Begins Accepting Payment For Oil In Ruble, Yuan (ZeroHedge, Aug 27, 2014):

Several months ago, when Russia announced the much anticipated “Holy Grail” energy deal with China, some were disappointed that despite this symbolic agreement meant to break the petrodollar’s stranglehold on the rest of the world, neither Russia nor China announced payment terms to be in anything but dollars. In doing so they admitted that while both nations are eager to move away from a US Dollar reserve currency, neither is yet able to provide an alternative.

This changed in late June when first Gazprom’s CFO announced the gas giant was ready to settle China contracts in Yuan or Rubles, and at the same time the People’s Bank of China announced that its Assistant Governor Jin Qi and Russian central bank Deputy Chairman Dmitry Skobelkin held a meeting in which they discussed cooperating on project and trade financing using local currencies. The meeting discussed cooperation in bank card, insurance and financial supervision sectors.

And yet, while both sides declared their operational readiness and eagerness to bypass the dollar entirely, such plans remained purely in the arena of monetary foreplay and the long awaited first shot across the Petrodollar bow was absent.

Until now.

According to Russia’s RIA Novosti, citing business daily Kommersant, Gazprom Neft has agreed to export 80,000 tons of oil from Novoportovskoye field in the Arctic; it will accept payment in rubles, and will also deliver oil via the Eastern Siberia-Pacific Ocean pipeline (ESPO), accepting payment in Chinese yuan for the transfers. Meaning Russia will export energy to either Europe or China, and receive payment in either Rubles or Yuan, in effect making the two currencies equivalent as far as the Eurasian axis is conerned, but most importantly, transact completely away from the US dollar thus, finally putin’(sic) in action the move for a Petrodollar-free world. Continue reading »

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Aug 28

- The Greatest Depression? German Yields Now Negative Through 2017 (ZeroHedge, Aug 27, 2014):

Another night, another sell-side bank suggests European QE must be getting closer and, along with more un-de-escalation in Russia-Ukraine, the bid for German bonds continues to surge as Europe’s greater depression appears increasingly priced into bonds. Yields on all German bonds out to 3 years are now negative and 10Y Bunds have collapsed to 90.5bps – record lows. This in turn – as we explained here - is dragging Treasury yields lower (10Y 2.36%) but leaves the spread to Bunds at record highs.


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Aug 28

- Fed Vice Chairman Warns: Your Bank May Seize Your Money to Recapitalize Itself (SHFTplan, Aug 27, 2014)

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Aug 28

jim_cramer

- Sometimes 0% Is Better Than -82% (ZeroHedge, Aug 27, 2014):

The Best Investment Article Ever Written:

The Winners of the World

February 29, 2000…

You want winners? You want me to put my Cramer Berkowitz hedge fund hat on and just discuss what my fund is buying today to try to make money tomorrow and the next day and the next? You want my top 10 stocks for who is going to make it in the New World? You know what? I am going to give them to you. Right here. Right now.

OK. Here goes. Write them down — no handouts here!: 724 Solutions (SVNX), Ariba (ARBA), Digital Island (ISLD), Exodus (EXDS), InfoSpace.com (INSP), Inktomi (INKT), Mercury Interactive (MERQ), Sonera (SNRA), VeriSign (VRSN) and Veritas Software (VRTS).

We are buying some of every one of these this morning as I give this speech.

And then this…

Jim Cramer - winner

*  *  *

Sometimes – it would appear – 0% is better than -82%

*  *  *

JimCramer

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Aug 28

- Ebola Devastates West Africa: Revenues Down; Markets Not Functioning; Projects Canceled; GDP Plunges 4% (ZeroHedge, Aug 27, 2014)

 

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Aug 27

From the article:

“Rather than trying to spur private-sector spending through asset purchases or interest-rate changes, central banks, such as the Fed, should hand consumers cash directly…. Central banks, including the U.S. Federal Reserve, have taken aggressive action, consistently lowering interest rates such that today they hover near zero. They have also pumped trillions of dollars’ worth of new money into the financial system. Yet such policies have only fed a damaging cycle of booms and busts, warping incentives and distorting asset prices, and now economic growth is stagnating while inequality gets worse. It’s well past time, then, for U.S. policymakers — as well as their counterparts in other developed countries — to consider a version of Friedman’s helicopter drops. In the short term, such cash transfers could jump-start the economy…  The transfers wouldn’t cause damaging inflation, and few doubt that they would work. The only real question is why no government has tried them”…


- It Begins: Council On Foreign Relations Proposes That “Central Banks Should Hand Consumers Cash Directly”  (ZeroHedge, Aug 26, 2014):

… A broad-based tax cut, for example, accommodated by a program of open-market purchases to alleviate any tendency for interest rates to increase, would almost certainly be an effective stimulant to consumption and hence to prices. Even if households decided not to increase consumption but instead re-balanced their portfolios by using their extra cash to acquire real and financial assets, the resulting increase in asset values would lower the cost of capital and improve the balance sheet positions of potential borrowers. A money-financed tax cut is essentially equivalent to Milton Friedman’s famous “helicopter drop” of money

- Ben Bernanke, Deflation: Making Sure “It” Doesn’t Happen Here, November 21, 2002

time-man-of-the-year-helicopter-ben-bernanke

A year ago, when it became abundantly clear that all of the Fed’s attempts to boost the economy have failed, leading instead to a record divergence between the “1%” who were benefiting from the Fed’s aritficial inflation of financial assets, and everyone else (a topic that would become one of the most discussed issues of 2014) and with no help coming from a hopelessly broken Congress (who can forget the infamous plea by a desperate Wall Street lobby-funding recipient “Get to work Mr. Chariman”), we wrote that “Bernanke’s Helicopter Is Warming Up.” Continue reading »

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Aug 27

108804920AW001_PRESIDENT_OB


- “Tax Me More” Buffett To Finance Burger King’s Tax Inversion Deal (ZeroHedge, Aug 26, 2014):

President Obama would have proudly proclaimed Warren Buffett a true patriot in his bailing out of the banking system with expensive loans and his ‘realization’ that those earning more than $1 million should be tax-tax-taxed. However, the “Buffett Rule” appears to have one caveat… if you are making over a $1 billion, you’re good to go with tax-avoidance strategies. In one of his career’s most hypocritical moves Warren “tax-me-more” Buffett has decided that putting his money where his mouth is no longer makes sense.. and is funding $3billion of Burger King’s “tax-inversion” takeover of Canada-based Tim Hortons. Somewhere on a golf course, a Presidential Putter is being snapped across a knee…

As WSJ notes, Continue reading »

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Aug 27

… and Europe:

- Germany Blesses ‘Bail-In’ Deposit Confiscation Plan For Failing EU Banks

- UK Bank RBS Has ‘£100 Billion Black Hole’ & In ‘Danger Of Failing’ – Bail-Ins Cometh

H/t reader squodgy:

“Being a former member of the chosen few, he rejected their ways and chose a form of Christianity.
He knows how the corrupt jews think and plan, and so far, his assessment has been spot on.

This next forecast is worrying, not least because it proves where all the bail out money has gone…..and it isn’t to the middle and lower classes…..”

Bail-ins are coming to a country near you.

Brother Nathanael’s YouTube channel is blocked in several countries, which is why I have provided some alternative uploads for you.

Prepare for collapse.

Physical gold and silver will protect you from bail-ins, but only real preparedness (food, water etc.) will keep you and your family alive.

They don’t need to confiscate your guns, all they need to do is collapse the system and head to their DUMBS …

- Whistleblower Reveals Secret Underground Base Beneath Denver International Airport

- Deep Underground Military Bases (D.U.M.B.S.) In California

- Deep Underground Military Bases (D.U.M.B.S.) – US Has Been Building Large Scale Underground Cities

Most people have only food for 3 days and then the only thing they have left is guns and ammo, lots of ammo.

And then what?

- Dr. Rima E. Laibow: The Globalist Depopulation Agenda (Video):

In 2002 one of Dr. Rima E. Laibow’s patients, a head of state, told her:

“It’s almost time for the great culling to begin.”

Dr. Rima E. Laibow’s husband is Albert “Bert” Newton Stubblebine III a retired Major General in the United States Army. He was the commanding general of the United States Army Intelligence and Security Command from 1981 to 1984, when he retired from the Army.

- Sinister Sites: The Georgia Guidestones

- The Georgia Guidestones: ‘Maintain Humanity Under 500,000,000′


Alternative 1:

Alternative 2:

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Aug 27

- Midwestern Wheat Left Rotting as Oil Trains Roll By (Common Dreams, Aug 26, 2014):

Oil boom in North Dakota is delaying massive grain shipments, farmers say

U.S. grain shipments are being held up as trains carrying huge quantities of Bakken oil chug through the region, the New York Times reported Tuesday, illustrating how the booming business of moving oil by rail has negative consequences beyond safety risks.

According to the Times: Continue reading »

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Aug 27

Cornel West

- Cornel West slams ‘counterfeit’ Obama’s presidency (RT, Aug 25, 2015):

Cornel West, activist and professor at Union Theological Seminary, ripped Barack Obama’s “Wall Street presidency,” calling him another neoliberal “counterfeit” after posing as a progressive in his initial campaign for the White House in 2008.

“We ended up with a Wall Street presidency, a drone presidency, a national security presidency,” West told Salon.com’s Thomas Frank.

“The torturers go free. The Wall Street executives go free. The war crimes in the Middle East, especially now in Gaza, the war criminals go free. And yet, you know, he acted as if he was both a progressive and as if he was concerned about the issues of serious injustice and inequality and it turned out that he’s just another neoliberal centrist with a smile and with a nice rhetorical flair.”

Public intellectual West lamented Obama’s failure – or refusal – to attempt a revival of democratic principles at a time of “an empire in decline.”

“Our culture is in increasing decay. Our school systems are in deep trouble. Our political system is dysfunctional. Our leaders are more and more bought off with legalized bribery and normalized corruption in Congress and too much of our civil life. You would think that we needed somebody—a Lincoln-like figure who could revive some democratic spirit and democratic possibility.”

West said at a time of deep need for solutions, for a change of culture in the gilded halls of Washington, Obama was another “opportunist.” Continue reading »

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Aug 26

Don’t miss!



Added: Aug 19, 2014

We’re back! It’s Truthstream News No. 2! First, we just want to say THANK YOU for the overwhelming support we received after we put up the first show. You guys are awesome.

In this second episode of Truthstream News, Aaron Dykes and Melissa Melton expose the phony pretenses behind a massive corporate takeover in Africa and the rest of the world – as well as other examples of Trojan Horse philanthropic aid on the international scene.

We also finally finished Corntamination! (Long time fans: remember that from last summer?) Woooot!

In this episode:
– Aaron sells the world on international food aid at the hands of the planet’s foremost billionaires
– Melissa presents evidence to support her hypothesis that working for the highest echelon of the federal government turns people into bridge trolls
– The duo breakdown the recent U.S.-Africa Leaders Summit and what’s really driving all this “foreign aid”
– John Kerry tells starving Africans not to build any new farms, just to plant some GMO, while Obama informs young African leaders that we can’t live in a world where everybody has a nice house and air conditioning because the planet will “boil over”
– Melissa discovers the benefits of water fluoridation
In a special investigative report, Truthstream follows the trail of biopharming, where science is using genetically engineered crops to growing pharmaceutical and vaccine components. Some of these medications are developed to be eaten directly as food. (Remember Prodigene and Epicyte?)
– and Janet Yellen receives a Letter to the NWO.

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Aug 26

- The New Misery Index (Of Two Minds, Aug 25, 2014):

The Status Quo is desperate to mask the declining fortunes of those who earn income from work, and the Misery Index 2.0 strips away the phony facade of bogus unemployment and inflation numbers.

The classic Misery Index is the sum of unemployment and inflation, though later variations have added interest rates and the relative shortfall or surplus of GDP growth.
Since the Status Quo figured out how to game unemployment and inflation to the point that these metrics are meaningless except as a meta-measure of centralized perception management, the Misery Index has lost its meaning as well.

I propose a Misery Index 2.0 of four less easily manipulated (and therefore more meaningful) metrics: Continue reading »

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Aug 25

Bilderberg 2015 - Austria - Interalpen-Hotel Tyrol

- Bilderberg 2015 Location Confirmed: Austria (RINF, Aug 25, 2014):

The location for the 2015 annual conference of the Bilderberg Group has been confirmed. The yearly transatlantic summit, which is attended by senior politicians, bank bosses and the heads of some of the world’s largest companies, will be held at the Interalpen-Hotel Tyrol, a luxury hotel and conference centre in Austria.

The Interalpen-Hotel Tyrol is a “five-star hotel conference centre” tucked away in the mountain forests a few kilometres west of the Seefeld ski resort, and conveniently close to Innsbruck airport. The hotel is part of the privately-owned Liebherr Group, a giant Switzerland-based manufacturing conglomeration, owned by the billionaire German Liebherr family.

Interalpen-Hotel Tyrol

Interalpen-Hotel Tyrol-1

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Aug 25

- MH-17 ‘Investigation’: Secret August 8th Agreement Seeps Out (Washington’s Blog, Aug 24, 2014):

Perpetrator of the Downing in Ukraine, of the Malaysian Airliner, Will Stay Hidden

Regarding what caused the downing of the Malaysian airliner MH-17 in Ukraine on July 17th, the Ukrainian news agency UNIAN, reported in a brief Russian-language news story on August 12th, that four days earlier (August 8th) a representative of that nation’s Prosecutor General office, Yuri Boychenko, had said that (as auto-translated by google), “the results [of the investigation] will be announced upon completion of the investigation and with the consent of all the parties who signed the corresponding agreement.” This UNIAN report said that, “As part of the four-party agreement signed on August 8 between Ukraine, the Netherlands, Belgium and Australia [all of which nations are allies of the United States and are cooperating with its new Cold War against Russia], information on the investigation into the disaster Malaysian ‘Boeing-777’ will not be disclosed.” In other words: the official ‘investigation’ is being carried out by four nations that, as U.S. allies, are hostile toward Russia. One of those four nations, Ukraine, is not only a prime suspect in possibly having shot this airliner down, but is currently waging a hot war to ethnically-cleanse the pro-Russian population out of southeastern Ukraine; and the initial ‘news’ reports in Western ‘news’ media regarding the downing of MH-17 had said that this airliner was probably downed by the local rebels there, who were trying to shoot down the Ukrainian Government’s bombers that are constantly bombing them. Some Western ‘news’ reports even speculated that perhaps Russia itself had shot this airliner down. If the UNIAN news-report is correct, then there is no way that the ‘investigation’ will be able to be released to the public if it indicates that the Ukrainian Government (which, according to that news-report has veto power  over the making-public of the study’s findings) is blamed for having shot the airliner down. Continue reading »

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Aug 25

- UK Farmers in debt and despair as dairy market collapses (New Zealand Herald, Aug 24, 2014):

British dairy farmers are threatening to take matters into their own hands as fears grow that volatile markets for their milk, butter and cheese products could jeopardise their livelihoods. Some larger dairy farmers are said to have incurred debts of more than £1m since milk prices first began to plummet in May.Caught between a UK supermarket price war and a ban by Russia on EU produce, including dairy, which many fear could lead to a glut in Europe, dairy farmers are being asked to take action to help save their industry. Continue reading »

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Aug 23


19.08.2014

Subtitles in english, french and german
Konstantin Semin’s interview with Russian Presidential Advisor Sergei Glazyev on July 24 2014.
Translation & Transcription: Marina / Subtitling in English: Augmented Ether / Bruce,Vaughan & Michael – English editing / French: Dominique / Gerrman: Dagmar

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Aug 23

What she really is, is a sad elite puppet.


- Janet Yellen Is An Insult To Americans (ZeroHedge, Aug 22, 2014):

By Raul Ilargi Meijer of The Automatic Earth

Janet Yellen Is An Insult To Americans

SilerCity1939
Dorothea Lange Siler City, North Carolina Jul 1939

If you’re a girl and you’re old and you’re grey and you’re the size of a hobbit, who’s going to get angry at you? If your predecessor had all the qualities anyone could look for in a garden gnome, and his predecessor was known mainly as a forward drooling incoherent oracle, how bad could it get? Think they select Fed heads them on purpose for how well they would fit into the Shire?

Janet Yellen has a serious problem: the story no longer fits. The Fed under Bernanke said in its forward guidance that it would taper if certain job market conditions were met. And now they have been, at least on paper, but Yellen knows only too well that those are not the real numbers [ZH: as we explicitly warned would happen in December 2012]. Continue reading »

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Aug 23

wealth-confiscation

- Is Portugal Next In Line For Wealth Confiscation? (Doug Casey’s International Man, Aug 22, 2014):

The pattern should be seared in your memory by now. If you fail to recognize it, you could be struck with a huge financial blow.

It’s a pattern that has played out over and over throughout history: a government gets into financial trouble, then denies there’s a problem, which is followed by a surprise wealth grab.

That’s exactly what happened when bank deposits in Spain and Cyprus were raided. We’ve also seen retirement savings confiscated in some form in Poland, Portugal, and Hungary. Capital controls have been imposed in Cyprus and Iceland.

Of course these aren’t the only examples of blatant government thievery. These examples are just within Europe and just within recent years. They can and will happen anywhere. Continue reading »

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Aug 23

- Russia Busts European Sanctioned-Fruit Smuggling Ring (ZeroHedge, Aug 22, 2014):

Just days after Russia banned the import of various foods from sanctions-supporting nations, VZ reports Russia’s food safety ministry Rosselhoznadzor has discovered fruit being smuggled in via Belarus that was restamped as being from Zimbabwe and various other non-sanctioned nations. It appears the smuggling nation culprits are Poland, Slovenia, and Greece and Russia is now “actively monitoring the situation,” suggesting they may extend import bans to Belarus also if the situation continues. In addition, Rosselhoznadzor intends in the future to move to a system of electronic certification of goods in transit.

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Aug 23

Alternative upload:

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Aug 22

You know it’s bad when …


- Former Mafia Boss Who Did a Lot of Business with Wall Street: Buy Physical Gold and Silver, Because Wall Street Steals Your Money (Washington’s Blog, Aug 21, 2014):

Crime Boss: Wall Street Has No Ethics

The Colombo crime family’s former boss – Michael Franzese – says even he doesn’t trust Wall Street.

Franzese – played by Joseph Bono in the 1990 Martin Scorsese movie “GoodFellas” – spent 10 years in prison after he was convicted on federal racketeering charges.

When he was 35, Franzese ranked No. 8 on Fortune Magazine’s list of the 50 most wealthy and powerful mafia bosses (44 of those on the list are now dead, and three are doing life in prison without parole). He reportedly raked in up to $8 million a week.  Franzese is the only surviving high-ranking member of a major crime family to publicly walk away and refuse protective custody. Continue reading »

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Aug 22

- 30 stats to show to anyone that does not believe the middle class is being destroyed (Economic Collapse, Aug 20, 2014):

The 30 statistics that you are about to read prove beyond a shadow of a doubt that the middle class in America is being systematically destroyed.  Once upon a time, the United States had the largest and most prosperous middle class in the history of the world, but now that is changing at a staggering pace.  Yes, the stock market has soared to unprecedented heights this year and there are a few isolated areas of the country that are doing rather well for the moment.  But overall, the long-term trends that are eviscerating the middle class just continue to accelerate.  Over the past decade or so, the percentage of Americans that are working has gone way down, the quality of our jobs has plummeted dramatically and the wealth of the typical American household has fallen precipitously.  Meanwhile, we have watched median household income decline for five years in a row, we have watched the rate of homeownership in this country decline for eight years in a row and dependence on the government is at an all-time high.  Being a part of the middle class in the United States at this point can be compared to playing a game of musical chairs.  We can all see chairs being removed from the game, and we are all desperate to continue to have a chair every time the music stops playing.  The next time the music stops, will it be your chair that gets removed? Continue reading »

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Aug 22

Obamacare-screws-middle-class
Mission accomplished!

- Obamacare Is A Disaster For Businesses, Philly Fed Finds (ZeroHedge, Aug 21, 2014):

Remember all those allegations that Obamacare would be an unmitigated disaster for businesses, especially smaller companies? Well, now we have proof.

As the Philly Fed, which mysteriously soared at the headline level even as the vast majority of its components tumbled, reported moments ago, “in special questions this month, firms were asked qualitative questions about the effects of the Affordable Care Act (ACA) and how, if at all, they are making changes to their employment and compensation, including benefits.”

What the survey found was very disturbing: not only did businesses report that as a result of Obamacare the number of workers they employ is lower than higher (18.2% vs 3.0%), that there has been an increase in part time jobs (18.2% higher vs 1.5% lower), leading to a big increase in outsourcing and most importantly, Obamacare costs are being largely passed on to customers (28.8% reporting higher vs 0.0% lower), the punchline was that while there is basically no change in the number of employees covered (17.6% higher vs 14.7% lower and 67.6% unchanged), there has been a big jump in Premiums, Deductibles, Out-of-pocket maximums, and Copays, which has been “matched” by a far greater reduction in the range of medical coverage and the size of the network.

In short a disaster. Continue reading »

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