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Keyword: finance

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  • North Korea’s Private Finance: No Banks but Lots of Loans

    08/04/2015 8:08:49 PM PDT · by TigerLikesRooster · 11 replies
    WSJ ^ | Aug. 4, 2015 | Jeyup S. Kwaak
    North Korea’s Private Finance: No Banks but Lots of Loans Unauthorized market activity boosts incomes and leads to unregulated lending for profit By Jeyup S. Kwaak Aug. 4, 2015 3:30 p.m. ET SEOUL—For decades after North Korea’s founding in the 1950s, financial security wasn’t a major concern for its citizens. A communist system provided most daily needs, and for many years living standards outstripped those of South Korea. Then a devastating famine in the 1990s and a subsequent economic collapse crippled the public distribution system and forced citizens to fend for themselves. The semimarket economy that emerged has expanded rapidly...
  • Japan Is At Risk Of Fading From Existence

    07/20/2015 6:13:10 PM PDT · by blam · 86 replies
    BI ^ | 7-20-2015 | Rodney Johnson
    Rodney Johnson July 20, 2015There’s a village in Japan where the dead outnumber the living, and I don’t mean the ancestors in the cemetery. The bodies are dispersed around the small town of Nagoro. It’s a small community of some 35 people, most in their 60s or older. The place is so sparsely populated that the locals consider their 150-plus dead a part of their community. OK, so they aren’t literal dead bodies. Instead, the locals erected scarecrow-like figures in their likeness. Scarecrows fill the schoolhouse whose students long since graduated. They wait by an old bus stop, even though...
  • A Tiny Bank’s Surreal Trip Through a Fraud Prosecution

    07/17/2015 8:49:19 AM PDT · by proxy_user · 21 replies
    New York Times ^ | JULY 17, 2015 | GRETCHEN MORGENSON
    **snip** Although she didn’t know it immediately, Ms. Sung had stumbled on a fraudulent scheme involving false borrower income verifications and documentation. The bank began investigating and Mr. Yu was fired the following Monday. The discovery put an end to the scheme at Abacus. But it was only the beginning of a five-and-a-half-year odyssey through the New York State criminal justice system for the Sung family and the community lender the family had built from nothing. Bank officials uncovered the fraud, fired the mastermind, investigated and reported it to regulators and provided New York State prosecutors with over 900,000 pages...
  • Warren, McCain introduce bill to bring back Glass-Steagall

    07/09/2015 8:44:23 PM PDT · by 2ndDivisionVet · 62 replies
    The Hill ^ | July 7, 2015 | Kevin Cirilli
    Sens. Elizabeth Warren (D-Mass.) and John McCain (R-Ariz.) are reintroducing legislation to revive the Glass-Steagall Act, which would force big banks to split their investment and commercial banking practices. Glass-Steagall was first passed in 1933 but repealed during the Clinton administration, leading many progressives to argue that it contributed to the 2008 financial collapse. Warren and McCain, along with their cosponsors, Sens. Angus King (I-Maine) and Maria Cantwell (D-Wash.), said in a statement that the legislation would make big banks that are "too big to fail" smaller and safer and minimize the likelihood of a government bailout....
  • Panic Sets in Among Hardy Hedge Fund Investors Remaining in Greece

    07/05/2015 7:30:40 AM PDT · by Lorianne · 21 replies
    New York Times ^ | 28 June 2015 | Landon Thomas Jr.
    For investors around the world looking at Greece, there was but one question Sunday: What is going to happen when the markets open? On Sunday night, the prime minister, Alexis Tsipras, said in a televised address that Greece’s banks and stock market would be closed on Monday, as Athens tries to avert a financial collapse. But the question of what happens when the markets do open is particularly acute for the hedge fund investors — including luminaries like David Einhorn and John Paulson — who have collectively poured more than 10 billion euros, or $11 billion, into Greek government bonds,...
  • Greek banks prepare plan to raid deposits to avert collapse

    07/03/2015 5:53:34 PM PDT · by House Atreides · 85 replies
    FT.com ^ | July 3, 2015 | Kerin Hope
    Greek banks are preparing contingency plans for a possible “bail-in” of depositors amid fears the country is heading for financial collapse, bankers and businesspeople with knowledge of the measures said on Friday. The plans, which call for a “haircut” of at least 30 per cent on deposits above €8,000, sketch out an increasingly likely scenario for at least one bank, the sources said.
  • Greek banks 'to stay shut on Monday'

    06/28/2015 10:10:25 AM PDT · by tcrlaf · 144 replies
    BBC News ^ | 6-28-2015 | BBC News
    Greece banks to stay closed on Monday, Piraeus Bank chief says, after emergency meeting in Athens This breaking news story is being updated and more details will be published shortly
  • 'It's Time To Hold Physical Cash,' Says One Of Britain's Most Senior Fund Managers

    06/20/2015 3:05:57 PM PDT · by blam · 50 replies
    The Trelegraph (K) ^ | 6-20-2015 | By Andrew Oxlade
    By Andrew Oxlade 7:04AM BST 20 Jun 2015 It may be time to money under the mattress. High profile fund managers explain how to prepare for a 'systemic event' The manager of one of Britain’s biggest bond funds has urged investors to keep cash under the mattress. (snip)
  • Penn Square Bank: Anniversary of a Failure that Changed Finance Forever

    06/16/2015 6:31:35 PM PDT · by Sawdring · 8 replies
    NPR ^ | July 5, 2012 | JOE WERTZ
    Founded in 1960, Oklahoma City’s Penn Square Bank made a spark with its shopping mall setting and drive-through teller window convenience. By the mid-’70s, the bank shifted from suburban housewives to focus on financing a new customer: the oil and gas industry. The bank grew by “aggressively making large and speculative loans” to the energy industry, according a historical account of bank crises by the Federal Deposit Insurance Corporation. But oil prices peaked in April 1981 and started to fall. A year later, rumors of problems spooked a deposit runoff, and on July 5, 1982 Penn Square Bank was declared...
  • Avi Gilburt doubles down: Gold is going to $25,000

    06/12/2015 5:09:07 PM PDT · by ForYourChildren · 33 replies
    MarketWatch ^ | June 12, 2015 | Avi Gilburt
    Last week I wrote a column on MarketWatch that seems to have stirred quite a bit of debate. Within the column, I was pointing to the potential for a multi-decade rally to be seen in the metals and mining stocks. It seems many of you had very strong feelings that this was simply not possible. Over the next few weeks, I will attempt to address the concerns many of you have presented in your comments to my piece.
  • Why Americans are getting new credit cards

    06/10/2015 1:26:05 PM PDT · by Red Badger · 58 replies
    PHYS.ORG ^ | 06-10-2015 | By Ken Sweet
    A big change is happening inside your wallet. U.S. banks, tired of spending billions each year to pay back fleeced consumers, are in the process of replacing tens of millions of old magnetic strip credit and debit cards with new cards that are equipped with computer chips that store account data more securely. By autumn, millions of Americans will have made the switch from the old magnetic strip cards. That 50-year-old technology, replaced in most of world, lingers on the back of U.S. cards and is easily copied by thieves, leaving people vulnerable to fraud. Roughly half of all credit...
  • It's Time To Call Off The Recession Watch

    06/05/2015 10:36:13 AM PDT · by blam · 19 replies
    AET/BI ^ | James Pethokoukis
    James Pethokoukis American Enterprise InstituteJune 5, 2015,a>nonfarm payrolls,American Enterprise Institute  That negative first-quarter GDP report now seems far less worrisome and far more an outlier than it did initially. Recently Goldman Sachs said “that given the uncertainty around GDP it is better to focus on other indicators—especially employment—to gauge the cumulative progress of the recovery and the remaining amount of slack.” By that measure, the U.S. economic recovery continues to plow forward after a slight early-year stumble. Nonfarm payrolls increased 280,000 in May, the largest gain since December, the Labor Department said this morning. Although the unemployment rate rose...
  • The Highest-Paying Jobs Of The Future Will Eat Your Life

    06/05/2015 12:18:38 AM PDT · by 2ndDivisionVet · 15 replies
    Fast Company ^ | May 20, 2015 | Jay L. Zagorsky
    In the future, highly skilled people will be bringing home fatter paychecks, but they'll rarely be home long enough to spend them.For a glimpse of the future of work, especially the high-paying kind, look at finance and high-tech companies. Some of the biggest offer high employee salaries combined with lavish perks like free meals at work, luxury shuttle buses for commuters, and extras such as dry cleaning picked up and dropped off at people’s desks. This might look like the fruits of corporate beneficence. In fact, alongside email and other digital technologies, perks like these aim to maximize efficiency and...
  • MAJOR US BANKS CLOSING BORDER BRANCHES TO FIGHT MONEY LAUNDERING

    05/31/2015 9:14:53 AM PDT · by Whenifhow · 17 replies
    Breitbart ^ | May 30 2015 | SYLVIA LONGMIRE
    As more money continues to flow into the pockets of Mexican drug cartels, traffickers need to maintain a solid network of places—often along the southwest border—where they can launder drug money. However, in an attempt to stymie these efforts, several major US banks have been closing numerous branches in the region and shutting down hundreds of customer accounts. According to a WSJ report, the Arizona border town of Nogales, population 21,000, is feeling the financial pinch most strongly. In the past several months, J.P. Morgan, Bank of America Corp. and Citigroup Inc.-owned Banamex USA have shut a total of four...
  • 29-year-old investment banker died after leaping from his Financial District apartment building

    05/29/2015 8:28:18 PM PDT · by bgill · 38 replies
    Business Insider ^ | May 29, 2015 | Julia La Rouche
    Witnesses told The Post that tourists snapped pictures on their cellphones of the gruesome aftermath. In the past year or so, there's been a spate of suicides among financial-services employees. Financial firms have been trying to do more to improve the lifestyles of their employees, especially younger ones.
  • Federal Reserve: These states are stealing from the poor

    05/29/2015 5:30:02 AM PDT · by ro_dreaming · 45 replies
    Houston Chronicle ^ | 26 May 2015 | John-Henry Perera
    A team of researchers at the Federal Reserve are pointing fingers at more than a handful of states they say are actively undermining the government's attempts to curb income inequality. According to a new paper, the federal tax code works to compress income inequality across the U.S., a problem that has been growing since 1980. The general idea is that high earners should be taxed at higher rates, allowing a good portion of that revenue to go into programs that help lower-income people. In contrast, some states have instituted "regressive" tax policies that offset federal taxes and widen the growing...
  • Elizabeth Warren is the Mitt Romney of Home Flippers

    05/28/2015 6:43:36 AM PDT · by fredericbastiat1 · 11 replies
    TheBlaze ^ | 2015-05-28 | Benjamin Weingarten
    But it ought to be pointed out that not only were Warren’s actions counter to her stated principles – they mimicked those of the private equity companies and other financial institutions that she has spent her entire public life railing against. What private equity professionals like Mitt Romney, and investors in general seek to do is “buy low and sell high.” Firms like Romney’s Bain Capital scour the market for businesses they believe are undervalued and/or have significant growth potential. They seek to buy these businesses at a low price, and grow them while making them more profitable and efficient...
  • Wall Street Is Starting To Wonder: What If Everything's Going To Be OK?

    05/14/2015 11:08:45 AM PDT · by blam · 22 replies
    BI ^ | 5-14-2015 | Linette Lopez
    Linette Lopez May 14, 2015 All of Wall Street has been waiting for what happens when the Federal Reserve raises rates and the bond market becomes attractive again. For years it has been thought of as the next cataclysmic event in investing. But what if it isn't? What if everything is going to be fine?Think about it: Bond yields have spiked over the past two weeks. Most market participants are blaming big fund managers trying to get ahead of the Fed. The stock market, however, hasn't really been hurt that much as this has been going on. So what if...
  • Stop The Presses! Hillary's Getting Battered By Her Liberal Friends In The News Media

    04/29/2015 11:10:40 AM PDT · by Kaslin · 28 replies
    Townhall.com ^ | April 29, 2015 | Donald Lambro
    WASHINGTON - There's an old, common sense saying about never putting your eggs in one basket. Yet that's what Democrats have done by overwhelmingly bowing to Hillary Clinton's vaunted ambition to be the next president of the United States. But the polls of the last few weeks suggest that Clinton's coronation campaign, with all of the trappings of pomp and power that preceded it, is coming apart at the seams. The former secretary of State's precipitous decline was first noticed in March in a national CNN poll that found her unfavorable numbers were rising, and perceptions of her as honest...
  • The Biggest Ponzi Scheme in the History of the World "When She Blows It'll Be Krakatoa Redux"

    04/22/2015 2:11:51 PM PDT · by concernedcitizen76 · 73 replies
    April 22, 2015 | Self
  • NY Fed's "Plunge Protection Team" Starts Chicago Trading Floor "In Case Of Disaster..."

    04/17/2015 10:00:37 AM PDT · by Enlightened1 · 17 replies
    Zero Hedge ^ | 4/15/15 | Tyler Durden
    What kind of natural disaster would be bad enough to completely shut down the operations of the New York Federal Reserve Bank? It would have to be something very unusual, and apparently the New York Fed is very concerned that such an event could happen. According to Reuters, the New York Fed has been transferring personnel to Chicago and building up its satellite office there just in case a “natural disaster” makes it impossible for normal operations to continue in New York…
  • Banks are bailing on the student loan business and it couldn't come at a worse time

    04/15/2015 12:22:31 PM PDT · by SeekAndFind · 32 replies
    Business Insider ^ | 04/15/2015 | Jonathan Marino
    Some of the world's biggest banks, including JP Morgan, Bank of America and US Bancorp, are withdrawing from the student loan market. That's according to a series of reports over the past couple years.It couldn't come at a worse time.That is because it coincides with a rise in students who want student loans.And, the amount of money those students want to borrow is also going up because the price of of a college education keeps rising.This chart tells the story: Federal Reserve Bank of New York -- Staff Reports April 2014 NY Federal Reserve report shows borrowers, and their average...
  • Over half of Americans have $0 in stocks

    04/10/2015 3:31:42 PM PDT · by Red in Blue PA · 114 replies
    More American adults drink coffee daily than have money invested in the stock market. Less than half, or 48%, of American adults have money in stocks, according to Bankrate's Money Pulse survey. Compared to that, about 61% of adults have at least a cup of coffee daily, according to the latest National Coffee Drinking Trends.
  • EnCap raises $6.5 billion to pour into North American oil firms

    04/10/2015 9:54:03 AM PDT · by thackney · 2 replies
    Fuel Fix ^ | April 10, 2015 | Collin Eaton
    Private equity firm EnCap Investments has closed its tenth energy fund with $6.5 billion to back North American oil and gas producers, the latest firm to collect billions to pump into the shale business. The Houston firm this week joined Blackrock, Walburg Pincus, Riverstone and others in raising more than $25 billion in recent months, according to data collected by Bloomberg, aimed at the battered oil industry after a nine-month slide in crude prices. Many investors see bargains in the business while assets are cheap and oil prices are low. EnCap said its Energy Capital Fund X was “significantly oversubscribed.”...
  • Chase Bank new policy on Safe Boxes -- Beware!

    04/08/2015 2:09:58 PM PDT · by Migraine · 56 replies
    Chase Letter to Safe Box Customers | 4/8/15 | self
    I received a letter this past week from Chase because I was a safe-deposit-box customer. It was heavy handed and startling. Some of the terms included that lessee agrees not to have more than $25K worth in there (what's that? half of a good diamond?), that you can't have cash or coins in there (right away I thought Krugerrands, etc), and that the bank can restrict access to the box for any reason, or for no reason (unexpected circumstances, natural or manmade -- the sky is the limit). The contents are not protected against loss or damage. Oh, and they...
  • Notice to Firearms Retailers: Important Credit Card Processing Changes Coming

    04/07/2015 7:47:58 AM PDT · by rktman · 30 replies
    nssfblog.com ^ | 4/6/2015 | Patrick Shay
    In order to provide additional and enhanced credit card protection for consumers, credit card companies will soon implement new rules that will change the way credit and debit card transactions will be processed. All major credit card companies are issuing new EMV (Europay, Mastercard and Visa) cards or “smart cards” that contain embedded microchips that provide transaction security features and other capabilities not possible with current, traditional, magnetic stripe cards. (Note: Smart cards are not new. They have been around a long time and most of the world has already migrated to EMV technology. The United States is one of...
  • There's 'no demand' for senior bankers on Wall Street today

    04/07/2015 8:36:32 AM PDT · by SeekAndFind · 15 replies
    Business Insider ^ | 04/07/2015 | SARAH BUTCHER, EFINANCIALCAREERS
    There was a time when it was possible to ‘retire’ from investment banking in your 30s. That time has passed. As the the trajectory of banking careers changes, 30 has instead become the age at which you must be positioned at a firm that will see you through to your 40s and beyond. Swapping banks when you’re aged 30+ is increasingly challenging. Headhunters working across business areas bemoan the lack of recruitment beyond vice president (VP) level. “Banks have become incredibly cost-conscious,” says a partner at an M&A search boutique. “They’re not making a 25% return on equity any more...
  • 86% of investment managers stunk in 2014

    04/04/2015 6:53:17 AM PDT · by Red in Blue PA · 7 replies
    The skills and expertise of fund managers are supposed to give them the ability to select better stocks and bonds than an index like the Dow or S&P 500. The problem is that hasn't been happening lately. A staggering 86% of active large-cap fund managers failed to beat their benchmarks in the last year, according to an S&P Dow Jones Indices scorecard released on Thursday. And no, that wasn't a one-off blip either. Nearly 89% of those fund managers underperformed their benchmarks over the past five years and 82% did the same over the last decade, S&P said.
  • Stockman: Corporate America Is Cannibalizing Itself

    04/01/2015 12:35:16 AM PDT · by concernedcitizen76 · 13 replies
    NewsMax ^ | March 9, 2015 | John Morgan
    American businesses are borrowing at historic high levels, but the only thing growing as a result is how fast their equity capital is vanishing, according to David Stockman, White House budget chief during the Reagan administration. Stockman blamed the Fed and the Fed's Wall Street cheerleaders. He said the Fed’s balance sheet has ballooned by nine times since 2000, yet real net investment in the business sector has cratered by 33 percent during the same time period. “Once upon a time businesses borrowed long term money — if they borrowed at all — in order to fund plant, equipment and...
  • Ex OMB chief Stockman: "It is the biggest speculative disaster in human history."

    03/31/2015 7:59:48 PM PDT · by concernedcitizen76 · 52 replies
    Zero Hedge ^ | March 01, 2015 | Tyler Durden
    David Alan Stockman interviewed on CBS-TV 60 Minutes (October 2010) Highlights of recent interview by Harry Dent. David Stockman: People don't want to hear the reality and the truth that we're facing. But I think there is an enormous appetite out in the country to get a different perspective than what you have from the media day in and day out, so I say the fed is out of control. Its balance sheet is exploded. It's printing money like never before. Zero interest rates for 70 months have basically destroyed the pricing function in the financial markets. I said...
  • Four TBTF Banks Threaten To Withhold Funds To Democrats Over Elizabeth Warren's Wall Street Rants

    03/31/2015 10:51:03 AM PDT · by tcrlaf · 10 replies
    Zerohedge ^ | 3-31-2015 | Durden
    Having already proven that their institutions are above the law in the aftermath of the financial crisis, executives at the “Too Big to Fail and Jail” banks have decided it’s time to teach Senate Democrats a lesson. Not being content with trillions in taxpayer backed bailouts to protect and further consolidate virtually all wealth within their oligarch fiefdoms, these bankers are irate at the notion that a commoner would dare criticize their unassailable crony privilege. However, the worst part of this story, is that while Warren is harsher than most of her completely bought and paid for colleagues, she is...
  • They Are Slowly Making Cash Illegal

    03/29/2015 6:44:19 PM PDT · by SeekAndFind · 75 replies
    TEC ^ | 03/29/2015 | Michael Snyder
    The move to a cashless society won’t happen overnight. Instead, it is being implemented very slowly and systematically in a series of incremental steps. All over the planet, governments are starting to place restrictions on the use of cash for security reasons. As citizens, we are being told that this is being done to thwart criminals, terrorists, drug runners, money launderers and tax evaders. Other forms of payment are much easier for governments to track, and so they very much prefer them. But we are rapidly getting to the point where the use of cash is considered to be a...
  • Is Stansberry right about the coming crises in the U.S. or is he just trying to sell something?

    03/28/2015 6:37:31 PM PDT · by MeneMeneTekelUpharsin · 28 replies
    28 March 2015 | Mene
    Just asking, that's all.
  • Feds Urge Banks to Call Cops on Customers Who Withdraw $5,000 or More

    03/24/2015 5:34:35 AM PDT · by HomerBohn · 65 replies
    Tea Party ^ | 3/23/2015 | Staff
    The Justice Department is ordering bank employees to consider calling the cops on customers who withdraw $5,000 dollars or more, a chilling example of how the war on cash is intensifying. Banks are already required to file ‘suspicious activity reports’ on their customers, with threats of fines and even jail time for directors if financial institutions don’t meet quotas. But as investor and financial blogger Simon Black points out, last week, “A senior official from the Justice Department spoke to a group of bankers about the need for them to rat out their customers to the police.” SPECIAL: Make Barack...
  • Finally, A Bank Stands Up To Obama's Shakedown

    03/18/2015 6:32:52 AM PDT · by SeekAndFind · 36 replies
    IBD ^ | 03/18/2015
    Extortion: After 16 banks caved in to White House demands to refund billions in losses to Fannie Mae and Freddie Mac, one outlier remains unrepentant. Nomura Holdings refuses to succumb to the political shakedown. The Japanese bank's U.S. unit won't give in to extortionist regulators protecting Fannie/Freddie who claim it hoodwinked the toxic twins into buying pools of subprime mortgages, like it claimed Bank of America, JPMorgan and other U.S. banks did in the run-up to the mortgage crisis. The government demands $1 billion in damages. Nomura says it won't give a dime toward the $18 billion ransom the feds...
  • What personal finance software do FReepers use? *VANITY*

    03/16/2015 5:24:49 AM PDT · by rarestia · 43 replies
    My noggin ^ | 16 March 2015 | The Rarest
    Since my 8-year-old copy of Microsoft Money has finally decided to unceremoniously stop working, I've decided to start shopping around for a new personal finance program. My needs are relatively small. I really only use it to track my checking account and mortgage. I looked into Intuit's Quicken software, but the reviews were pretty bleak. It seems that Intuit hasn't learned and continues to churn out garbage software that people just learn to live with and then are forced to upgrade 2 years later. On top of that, it's my understanding that you have to sign up for an account...
  • VIRTUE has gone forth, it seeks ~ its source [charismatic caucus]

    03/17/2014 9:51:21 AM PDT · by Jedediah
    The Joshua Chronicles,Bible ^ | 3-17-14 | Jedediah
    Virtue has gone forth, It seeks its source , The holy and true, But will it be found on you ?! Those faithful to abide, In My presence and not hide, Those with the abilty, To drink from My cup and see, Clearly the Father's Will, To stand near My Voice and Quill, Those with the abilty to know, The understanding of the coals that glow, My pure and Holy Testimony, For these coals represent Me, And now this harvest that is mine, Is about to see and witness the Outpouring of My Spirit Divine, For all of Heaven and...
  • Iran Deal Secrets Revealed – by Iran

    03/13/2015 4:59:33 AM PDT · by SJackson · 10 replies
    FrontPage Magazine ^ | March 13, 2015 | Kenneth R. Timmerman
    Iran Deal Secrets Revealed – by IranPosted By Kenneth R. Timmerman On March 13, 2015 @ 12:46 am In Daily Mailer,FrontPage | 1 Comment Much is being made of the letter signed by 45 U.S. Senators, all of them Republican, aimed at schooling Iranian leaders in the requirements of the U.S. Constitution.Secretary Kerry said his reaction was “utter disbelief” that the Senators would “go behind” the back of the administration during a delicate international negotiation. Some on the American Left called it “treason,” conveniently forgetting that some of their own (including Kerry, as a junior Senator) have met with enemy...
  • Greece Suffers Biggest Bank Run In History: January Deposits Plunge To 2005 Levels

    02/26/2015 7:31:52 AM PST · by SeekAndFind · 14 replies
    Zero Hedge ^ | 02/26/2015 | Tyler Durden
    One of the biggest question marks surrounding the Greek negotiation and ultimately, bailout extension, was just how panicked was the Greek population and domestic corporations. Recall that as explained previously, the tension boiled down to this: the Troika did everything in its power to accelerate the bank run in order to crush any negotiating leverage Varoufakis may have; Greece on the other hand was desperate to make its cash drain appear far better than rumored. Moments ago the Bank of Greece presented its latest, January, deposit data. And it's a doozy: following a record €12.2 billion monthly outflow, greater...
  • A different cluetrain

    02/25/2015 2:16:24 PM PST · by RightCenter · 2 replies
    Charlie's Diary ^ | February 25, 2015 | Charles Stross
    A different cluetrain By Charlie Stross Right now, I'm chewing over the final edits on a rather political book. And I think, as it's a near future setting, I should jot down some axioms about politics ... 1. We're living in an era of increasing automation. And it's trivially clear that the adoption of automation privileges capital over labour (because capital can be substituted for labour, and the profit from its deployment thereby accrues to capital rather than being shared evenly across society). 2. A side-effect of the rise of capital is the financialization of everything—capital flows towards profit centres...
  • The Hyperinflation Hype: Why the U.S. Can Never Be Weimar

    02/25/2015 10:26:02 AM PST · by ChildOfThe60s · 32 replies
    The Atlantic ^ | March 21, 2012 | Matthew O'Brien
    How are the United States' historic budget deficits, money-printing and depressed economy any different from the country's that have experienced hyper-inflation? The three-part answer is:(1) we don't have any problems selling our debt(2) we aren't actually printing money; and (3) the United States is a highly productive economy that is nothing like bombed-out Budapest.
  • The Case Against Imminent Economic Collapse: “They Can Keep Bailing Things Out for Several More...

    02/17/2015 1:36:33 PM PST · by blam · 45 replies
    SHTF Plan ^ | 2-17-2015 | Joel Skousen
    The Case Against Imminent Economic Collapse: “They Can Keep Bailing Things Out for Several More Years Without Fear of Collapse” Joel Skousen February 16th, 2015 Editor’s Note: The following commentary comes to us from Joel Skousen, a well respected geopolitical analyst and Strategic Relocation expert. We see evidence of an impending collapse of the global financial and economic systems on an almost daily basis. From falsified statistics to an almost unfathomable series of never-ending monetary machinations, all signs point to something being horrifically wrong, not just with the economy but the entire global paradigm as it exists today. By all...
  • Strauss-Kahn Had Secret Flat In Paris To Hide Group Sex From Wife, Court Hears

    02/12/2015 10:02:13 PM PST · by Steelfish · 3 replies
    Guardian (UK) ^ | February 12, 2015 | Angelique Chrisafis
    Strauss-Kahn Had Secret Flat In Paris To Hide Group Sex From Wife, Court Hears Former IMF chief tells aggravated pimping trial apartment in upmarket Paris area was for discreet meetings with women Angelique Chrisafis 12 February 2015 Dominique Strauss-Kahn, the former head of the International Monetary Fund, has told a court how he rented a luxury flat in Paris under an acquaintance’s name because he was married and wanted somewhere discreet to meet women for group sex. Strauss-Kahn is on trial for alleged “aggravated pimping” – aiding and abetting the prostitution of seven women – and could be jailed for...
  • Feel That? It's The Chill Of Deflation

    02/09/2015 10:55:30 AM PST · by blam · 24 replies
    TMO ^ | 2-9-2015 | Chris Mayer
    February 08, 2015 Chris Mayer writes: That chill in the air? This is what deflation feels like... Right now, the 10-year U.S. Treasury pays just 1.8%... oil is $50 a barrel... commodity prices drift near to chilling lows... and the dollar is near multiyear highs. These are all deflationary trends. What deflation means for you as an investor is what I want to explore today. As an investor in stocks, there is a safe path through a deflationary Ice age. I'll get to that in a moment. But first... what exactly is deflation? The economic word deflation, says the Oxford...
  • District Ties Teachers' Salaries to Financial Health

    02/06/2015 8:20:02 AM PST · by MichCapCon · 6 replies
    Michigan Capitol Confidential ^ | 2/5/2015 | Tom Gantert
    Port Huron Area Schools negotiated into its teachers’ contract an unusual provision: The compensation of its teachers is tied to the financial health of the district. According to the teachers’ contract, salaries were frozen in 2011. Instead, the district and union agreed to a compensation plan that is based upon maintaining a minimum 8-percent fund balance. If the expenses exceed revenues and the fund balance drops below 8 percent, teachers will take a reduction in pay to get the fund balance back to 8 percent. No teachers’ salary can be reduced below $50,000, however. If the district’s revenue is greater...
  • The Budget Clash

    02/05/2015 4:32:32 AM PST · by Kaslin · 1 replies
    Townhall.com ^ | February 5, 2015 | Jackie Gingrich Cushman
    This week, President Obama released his budget for fiscal year 2016. It reflected much of what he had laid out in his State of the Union Speech, where he faced the recently elected members of the 114th Congress. Others might have paused first to consider the implications of the mid-term elections in which Republicans won big: They increased their control of the House and regained control of the Senate. But Obama, who had 90 fewer elected Democrats in his audience than has any other Democratic president in the past 90 years (246 of the 435 representatives and 54 of the...
  • State Out Nearly $300M from Cigarette Smuggling

    01/30/2015 5:52:48 AM PST · by MichCapCon · 19 replies
    Michigan Capitol Confidential ^ | 1/27/2015 | Michael LaFaive
    In studies, essays and blog posts since 2008, we have noted the raft of unintended consequences associated with Michigan’s illicit trade in cigarettes. Often we zero in on smuggling itself. A quarter of all the cigarettes consumed in Michigan in 2013 were contraband. What all too often gets left behind in the debate over cigarette trafficking is the amount of revenue lost by the state to activities that are effectively inspired by high taxes in the first place. We estimate that the Great Lakes State lost $298 million from the untaxed cigarette trade in 2013. The one sliver of good...
  • Oregon bank now says it won't work with Colorado marijuana businesses

    01/27/2015 11:41:26 AM PST · by george76 · 8 replies
    MBank, an Oregon bank that last week said it would allow Colorado marijuana businesses to open accounts, now says it won't. The Denver Post reports the bank is saying it doesn't have the infrastructure to handle the volume of customers in the pot industry. But the newspaper cites unnamed sources as saying federal banking regulators told MBank the move was too risky. Because marijuana remains illegal under federal law, companies in the industry haven't been able to find a bank to handle their business. MBank doesn't have a Colorado location. Instead, MBank intended to have marijuana businesses deposit their cash...
  • What Experts Say about This Past Week--Investment & Finance Thread Jan. 25

    01/25/2015 10:11:11 AM PST · by expat_panama · 107 replies
    Weekly investment & finance thread ^ | Jan. 25, 2015 | Freeper Investors
    Considering the top headlines were about soft footballs this has to have been an easy no-brainer week for investments.  Maybe; here's what he experts are telling us:                     [excerpt from Investors Business Daily At Davos, Hypocrites Tell Rest Of Us To Lower Expectations]Former Vice President Al Gore listens to singer Pharrell Williams... [snip]...talking, of course, about the annual confab at Davos, Switzerland, ...[snip] "The purpose," said former vice president and climate-change entrepreneur Al Gore, standing with hip-hop star Pharrell Williams, "is to have a billion voices with one message, to demand climate action now." OK, so how about you flying commercial,...
  • Terrorist plans targeting Washington monuments discovered in Afghanistan

    01/30/2002 3:41:41 PM PST · by anniegetyourgun · 135 replies · 495+ views
    King5.com ^ | 1/30/02 | NBC News
    SEATTLE - NBC News is reporting that the Space Needle in Seattle - a high-profile landmark in America's Pacific Northwest - was apparently a target for al-Qaida terrorists. U.S. officials tell NBC News evidence found in Afghanistan uncovered plans to attack the high-profile Space Needle along with other monuments in Washington State, including massive hydroelectric dams, like the Grand Coulee. According to the NBC News report, plans were also found that targeted the Los Angeles International Airport for a second time. An earlier plot to bomb the airport was foiled two years ago when convicted terrorist Ahmed Ressam was arrested ...