ECONOMY | WHAT REALLY HAPPENED

ECONOMY

Jun 15 07:06

Another shipping crisis looms on Covid fears in southern China

First, it was a critical shortage of shipping containers due to the pandemic. Then came a massive blockage in the Suez Canal.

Now, businesses and consumers are bracing for yet another shipping crisis, as a virus outbreak in southern China disrupts port services and delays deliveries, driving up costs again.

The Chinese province of Guangdong has faced a sudden uptick in Covid-19 cases. Authorities have moved to shut down districts and businesses to prevent the virus from spreading rapidly.

That's causing massive shipping delays in major Chinese ports, and jacking up already-high shipping costs as waiting times at berth "skyrocketed," according to analysts and those in the shipping industry.

Jun 15 06:36

Global crackdown on Big Tech mounting as India plans to expedite Amazon & Walmart antitrust probe

The Indian antitrust regulator will reportedly expedite an investigation into alleged anti-competitive practices by e-commerce giants Amazon and Flipkart, a local branch of US retail chain Walmart.

The probe launched by the Competition Commission of India (CCI) in January 2021 was initiated following a complaint alleging that the companies promoted select sellers on their platforms and that deep discounts stifled competition. Both Amazon and Flipkart have denied any wrongdoing.

Two people familiar with the issue told Reuters that India’s watchdog was planning to intensify scrutiny in the case as the nation steps up measures against anti-competitive behavior by Big Tech giants.

Jun 15 06:29

Boeing scolded for resuming donations to GOP ‘sedition caucus’ but, of course, taking cash from arms manufacturers is OK

The company, which makes military and civilian planes, has turned the money back on for Republicans who voted not to certify Biden’s Electoral College win in January. Is this an outrage, or just back to hypocrisy as usual?

Boeing has been chewed out by The Daily Beast, which seemed to express the utmost shock at the company’s decision to resume donating money to Republicans guilty of wrongthink. The article, posted on Monday, noted with incredulity that the arms manufacturer also “gave the maximum $105,000 to both parties’ House and Senate committees” a mere five months after the raid on the Capitol. It also mentioned the company had donated to House Speaker Nancy Pelosi and maxed out contributions to the campaign committees of both Democrats and Republicans in the House and Senate, as this would presumably wreck the “Boeing in Bed with Bad Guys” narrative.

Jun 15 05:53

Arabic press review: Egypt stands to lose 72 percent of farmland over dam

Egypt could lose as much as 72 percent of its farmland when the latest phase of the Grand Ethiopian Renaissance Dam is completed, according to a new study cited in the London-based Al Quds al-Arabi.

The study, conducted by NASA, the University of Southern California and Cornell University, finds that while the dam offers development opportunities for Ethiopia, the changing flow of the Nile River will lead to significant water deficits in Egypt.

Egyptian scientist Essam Heggy, who worked on the study, said that if the deficits created by the completion of the second phase of the dam's construction are not addressed with a joint agreement for water storage, he expects Egypt to lose up to 72 percent of its arable land.

The loss of water - which he estimated could be as much as 40 percent of Egypt's current water share - could see unemployment rates rise to 25 percent and the gross domestic product drop by as much as 8 percent.

Jun 15 05:41

The Fight Against Child Labor Has Stalled

A report released yesterday by UNICEF and the International Labor Organization shows that even before the coronavirus pandemic came into full swing, progress in combating child labor around the world had stalled. Statista's Katharian Buchholz reports that at the beginning of 2020, there were once again 160 million children between the ages of 5 and 17 engaged in age-inappropriate and/or hazardous work. The new number marks an increase from around 152 million in 2016.

Jun 15 05:10

Thomas Jefferson Versus The Federal Reserve

The Federal Reserve is the engine that drives one of the biggest, most powerful governments in the history of the world.

Without the Fed, it would be difficult, if not impossible, for the government to fund its foreign wars, its massive, unsustainable social programs, the ever-growing police state, and the tangled web of corporate welfare programs. It’s almost certain none of this would exist as we know it today – not even close. The federal government would truly be limited.

Jun 15 05:08

Seven Things Nobody Talks About That Will Eventually Matter... A Lot

Perhaps it shouldn't surprise us that everything that will eventually matter is ignored until it does matter--but by then it's too late. Here's a short list to start the discussion:

1. The Federal Reserve has transformed the American populace into a nation of dismayingly over-confident gamblers. I've been writing about moral hazard--the separation of risk from consequence--since 2011. Punters who are insulated from risk will have an insatiable appetite for risky bets, which is precisely what we see on a mass scale, as the confidence that the Fed will never let markets drop is 99.99% because the Fed has indeed reversed every decline, no matter how modest, month after month, year after year.

Jun 15 05:01

INCORRECT COVID-19 UNEMPLOYMENT PAYMENTS COULD REACH $87 BILLION

A recent Department of Labor audit suggests that, thanks to a lack of oversight, improper COVID-19 unemployment benefits could reach $87 billion.

As reported by Just the News, “at least $39.2 billion in improper payments, including fraud, were at risk of not being detected and recovered.”

“Specifically,” the audit found, “DOL’s guidance and oversight did not ensure states implemented the programs and paid benefits promptly; performed required and recommended improper payment detection and recovery activities; and reported accurate and completed program activities.”

According to the Office of Inspector General, the failures “occurred primarily because states’ IT systems were not modernized, staffing resources were insufficient to manage the increased number of new claims, and according to state officials, guidance from [the Employment and Training Administration] was untimely and unclear.”

Jun 14 13:36

Chip shortages lead to more counterfeit chips and devices

Beginning with the first Wuhan quarantine in January 2020, the COVID-19 pandemic hit the world from both sides of the law of supply and demand. Independent Distributors of Electronics Association (IDEA) founder Steve Calabria believes this two-fisted squeeze will spawn a surge in counterfeit electronics, with consequences for longevity and reliability of equipment built with substandard components.

Supply, demand, and counterfeit

Pandemic lockdowns in industrial cities have pinched supply of both finished goods and raw materials, while demand for electronic products has skyrocketed due to both the need for remote work/school gear and simple boredom from people unable to travel, dine out, and party in the ways they're accustomed to.

Jun 14 13:21

This time, the Tesla TSLA stock (TSLA) drop looks more permanent. Amid the widespread fanfare of new and established electric vehicle manufacturers introducing their new offerings, Tesla’s “TechnoKing” Elon Musk is flailing about, even as he continues to

This time, the Tesla TSLA stock (TSLA) drop looks more permanent. Amid the widespread fanfare of new and established electric vehicle manufacturers introducing their new offerings, Tesla’s “TechnoKing” Elon Musk is flailing about, even as he continues to lose top executives. (CNN article, “Tesla desperately needs a No. 2 for Elon Musk” explores Wall Street’s concerns.)

It’s time to extract the connotation of magic from “Tesla” and “Elon Musk”
Investors reward companies that offer exciting and rational growth stories. The explanation of a company’s growth potential can produce stock price gains well before earnings arrive.

Such was the case for Tesla, with its electric vehicle leadership and novel innovation. However, there are now three problems for Tesla.

Jun 14 13:12

It's "Permanent" Not "Temporary" - Dollar's Purchasing Power Plunged At Fastest Pace Since 1982

The Consumer Price Index jumped 0.6% in May, after having jumped 0.8% in April, and 0.6% in March – all three the steepest month-to-month jumps since 2009, according to the Bureau of Labor Statistics today. For the three months combined, CPI has jumped by 2.0%, or by an “annualized” pace of 8.1%. This current three-month pace of inflation as measured by CPI has nothing to do with the now infamous “Base Effect,” which I discussed in early April in preparation for these crazy times; the Base Effect applies only to year-over-year comparisons.

On a year-over-year basis, including the Base Effect, but also including the low readings last fall which reduce the 12-month rate, CPI rose 5.0%, the largest year-over year increase since 2008.

Jun 14 13:03

Cryptocurrency isn’t as impenetrable as you think. This training even explains how to make your own

TLDR: The Cryptocurrency with Ethereum and Solidity Blockchain Developer Bundle explains the entire crypto phenomenon and also explores creating your own real world cryptocurrency.

If your knowledge of cryptocurrency only extends as far as shaking your head dismissively when someone brings up Elon Musk’s darling dogecoin, you might be missing the larger point. While much of the cryptocurrency market is still driven by wild speculation with minimal basis in real world logic, crypto and its blockchaining roots are anything but a fly-by-night idea.

In fact, many would argue the decentralized technology that fuels crypto creation on platforms like Ethereum are ready to fundamentally change the way digital information, business, finance, and security are all handled.

Jun 14 12:52

State Bill Would Give Local Control over Wind and Solar Projects; Allow County Commissioners to Ban Construction

By B.N. Frank

Book and film, Bright Green Lies expose several examples of technology that are promoted as eco-friendly but aren’t necessarily so. This includes wind farms which can be devastating for birds and other wildlife. Environmentally un-friendly issues have been identified with solar farms too. Because of that and more, some property owners and community officials aren’t thrilled about having no say regarding where this technology is installed. Legislation has been introduced in Ohio to give them more authority...

Jun 14 12:19

One Shocking Chart That Has Farmers Trembling With Fear

Readers know by now that the Western US is facing one of the most severe droughts in years. We've documented (read here & here) this spring of a "megadrought" sweeping across states like California and Nevada as risks of a second Dust Bowl increase by the day.

But in this note, let's dive deeper into the drought and how it's impacting farmers and the potential consequences it could have on crops. Meteorologists at BAMWX have published data on surface soil moisture over 20 years. Surface soil moisture is the water that is in the upper 4 inches and available for various types of plants. They found that the 2021 moisture deficit for early June is the worst it has ever been in two decades.

Jun 14 12:17

The Labor Shortage Is a Government-Contrived Scarcity

By Richard M. Ebeling

There are plenty of job openings; it is a failure of a good number of employable people not being interested in filling the slots employers would like to fill. Why?

A number of commentators have suggested that many are still concerned about and fearful of returning to the workplace due to the potential of still catching the coronavirus and the risk of serious illness or death. Some have argued it’s because employers are too cheap; that is, they are unwilling to pay a wage high enough to draw unemployed workers back into the active labor force. The problem with this latter explanation is that it does not make clear why wage “x” at which some of these workers were willingly employed 15 months ago is now unacceptable just a little bit more than a year later, given the lost income experienced during all that time.

Jun 14 12:12

Blockchain News – Long Island Man’s Bitcoin In Limbo As Hackers Target Cryptocurrency Exchanges – CBS New York

NEW YORK (CBSNewYork) — Hackers are now targeting cryptocurrency exchanges like Coinbase and leaving investors without access to their bitcoin.

As the interest in cryptocurrency continues to climb, the safety and security of investment apps are being called into question.

CBS2’s Natalie Duddridge spoke to a Long Island man whose bitcoin is now in limbo.

“I do believe my account was hacked. It had to be,” Frank Pinto said.

Pinto started investing in bitcoin in 2017.

He used an app called Coinbase, which is like a stock exchange for cryptocurrency.

A few months ago, he tried to log in and got an alert instead saying, “Sorry, account temporarily disabled. Please contact support.”

He tried, but Coinbase has no phone support, so he emailed dozens of times. They finally responded saying: “You will receive a response from the customer complaints officer within 15 business days.”

Jun 14 10:39

IF THE TRUCKS STOP RUNNING, IT WON’T JUST BE A GASOLINE SHORTAGE THAT WE ARE FACING…

Our enemies now understand that you can completely paralyze America by taking out just a handful of pipelines. Even though all of us knew that any gasoline shortages were just going to be temporary, the shutdown of the Colonial Pipeline caused a frenzied wave of “panic buying” all along the east coast.

But if something caused the gasoline to stop flowing for a longer period of time, not being able to fill up our vehicles would be among the least of our problems. Trucks need gasoline too, and if our trucks stopped running for an extended period it would virtually paralyze every part of our society. Most Americans don’t realize this, but we are completely and utterly dependent on our truckers. Without them, our way of life would quickly cease to exist. We hardly ever hear anyone give recognition to the hard-working truck drivers that are cruising up and down our highways day after day, but the truth is that they are absolutely critical to our success as a nation.

Jun 14 10:10

‘Like Hell Went to Hell,’ The Tragic Demise of Venice Beach 

LOS ANGELES—World-renowned Venice Beach has long been a place where visitors, residents, and business owners commingled with artists, musicians, and entertainers from all over the country. Over 10 million tourists visit the beach’s famous boardwalk each year, drawn in by the ocean view and the unconventional lifestyle of the city’s eccentric community.

But the famed destination no longer circulates in headlines for its wacky tourist attractions or local eateries. Instead, the beach town has become known worldwide for its flourishing homeless encampments, burgeoning filth, skyrocketing crime rate, and increasingly violent transients.

As city officials dawdle, the beachside town is falling to ruin, residents say, overwhelmed by the homeless that are making their lives a living hell.

Their cries for help have gone largely unheeded—until now. Earlier this week, Los Angeles County Sheriff Alex Villanueva announced a July 4th sweep that aims to clean up the mess.

Jun 14 07:08

THERE IS NOT ONE ELECTED OFFICIAL AT THE FEDERAL RESERVE, BUT IT HAS BEEN UNILATERALLY REWRITING THE RULES ON WALL STREET SINCE 2007

The Federal Reserve will release the results of its stress tests of the mega banks on Wall Street on June 24. That exercise is nothing more than a shell game to mislead Congress and the public into believing that actual due diligence is being done by the Fed on these massive federally insured banks with their inhouse trading casinos. (See Three Federal Studies Show Fed’s Stress Tests of Big Banks Are Just a Placebo.) In reality, the Fed is a completely captured appendage of Wall Street.

The Fed has outsourced the nitty-gritty supervision of Wall Street banks to the New York Fed, which is, literally, owned by the same banks. (See These Are the Banks that Own the New York Fed and Its Money Button.)

That the Fed is still allowed by Congress to have anything to do with supervising these banks shows just how far down the rabbit hole Wall Street’s money and influence in Washington has taken the country.

Jun 14 07:07

IT GETS UGLY: DOLLAR’S PURCHASING POWER PLUNGED AT FASTEST PACE SINCE 1982. IT’S “PERMANENT” NOT “TEMPORARY,” WON’T BOUNCE BACK

The Consumer Price Index jumped 0.6% in May, after having jumped 0.8% in April, and 0.6% in March – all three the steepest month-to-month jumps since 2009, according to the Bureau of Labor Statistics today. For the three months combined, CPI has jumped by 2.0%, or by an “annualized” pace of 8.1%. This current three-month pace of inflation as measured by CPI has nothing to do with the now infamous “Base Effect,” which I discussed in early April in preparation for these crazy times; the Base Effect applies only to year-over-year comparisons.

On a year-over-year basis, including the Base Effect, but also including the low readings last fall which reduce the 12-month rate, CPI rose 5.0%, the largest year-over year increase since 2008.

Jun 14 06:05

Rare earth metals at the heart of China's rivalry with US, Europe

What if China were to cut off the United States and Europe from access to rare minerals that are essential to electric vehicles, wind turbines and drones?

At a time of frequent geopolitical friction among those three powers, Washington and Brussels want to avoid this scenario by investing in the market for 17 minerals with unique properties that today are largely extracted and refined in China.

"The expected exponential growth in demand for minerals that are linked to clean energy is putting more pressure on US and Europe to take a closer look at where the vulnerabilities are and the concrete steps these governments can take," said Jane Nakano, a senior fellow at the Washington-based Center for Strategic and International Studies.

In 2019, the United States imported 80 percent of its rare earth minerals from China, the US Geological Survey says.

Jun 14 06:01

Bitcoin spikes as Elon Musk denies ‘market manipulation’ & says Tesla to resume crypto transactions when mining becomes ‘clean’

Bitcoin has jumped to over $39,000, ironically after Tesla CEO Elon Musk tweeted to deny accusations of market manipulation with his tweets. He also said that Tesla will resume accepting the cryptocurrency, once it turns green.

Musk's latest verbal intervention comes in response to a CoinTelegraph story, which quoted the CEO of financial services company Sygnia, Magda Wierzycka, claiming that the recent volatility of bitcoin “is an unexpected function of what I would call market manipulation by Elon Musk.”

What we have seen with bitcoin is price manipulation by one very powerful and influential individual.

Wierzycka accused Musk of deliberately pumping the price of bitcoin only to sell “a big part of his exposure at the peak.”

Jun 14 05:44

Lack of investment could push crude price to $200 a barrel – Nigerian National Oil Corporation

Crude oil prices could rise to $200 per barrel as international oil companies curb their investments in new exploration and production, the Nigerian National Oil Corporation said.

The effect of investment decisions being made now will be felt in about five years, NNPC’s Group General Manager for National Petroleum Investment Management Services, Bala Wunti, said at the Nigeria International Petroleum Summit as quoted by This Day.

“I was talking to one of my senior colleagues yesterday, and he said, well, it is time for someone to speak the truth,” Wunti told the summit. “If nothing is done and this trend continues, guys, we should be ready for a $200 per barrel of oil. The reason is simple, if you stop investing in the oil and gas sector, you can only produce what you have today.”

Jun 14 05:35

Private Inequity: How a Powerful Industry Conquered the Tax System

There were two weeks left in the Trump administration when the Treasury Department handed down a set of rules governing an obscure corner of the tax code.

Overseen by a senior Treasury official whose previous job involved helping the wealthy avoid taxes, the new regulations represented a major victory for private equity firms. They ensured that executives in the $4.5 trillion industry, whose leaders often measure their yearly pay in eight or nine figures, could avoid paying hundreds of millions in taxes.

The rules were approved on Jan. 5, the day before the riot at the U.S. Capitol. Hardly anyone noticed.

Jun 14 05:02

Homie flexing $7k on Robinhood at the bar

Jun 13 20:54

FEATURE: More young Japanese look to Marx amid pandemic, climate crisis

As the global challenge of climate change mounts and the coronavirus pandemic magnifies economic inequalities, Karl Marx, who pointed to the contradictions and limitations of capitalism, is gaining new admirers in Japan, particularly among the young.

The boom has been ignited by a 34-year-old associate professor at Osaka City University who reimagined the theory expounded in the 19th-century German thinker's seminal "Das Kapital" from the perspective of environmental conservation in a bestselling book published last September.

Two recent books, including bestseller "Capital in the Anthropocene" (R), released by Kohei Saito are pictured on April 14, 2021. (Kyodo)
In it, Kohei Saito argued that the realization of sustainable development goals set by the United Nations is as impossible as "drawing a round triangle" under modern-day capitalism.

Jun 13 10:08

Inflation Expectations Are Falling

Jun 12 15:56

Restaurant Prices Rising as Food Costs Soar

Jun 12 14:37

Boris Johnson: G7 Nations Must 'Build Back Better' In A 'Greener,' 'More Gender Neutral' And 'Feminine' Way

G7 nations must build back gayer, so says UK Prime Minister Boris Johnson.

Jun 12 12:50

My First Community Supported Agriculture (CSA) Program

By Neenah Payne

Joining a CSA felt like another small step toward growing my own food. It also makes me feel more appreciative of the work farmers do and more aware of the many difficulties they are facing now...

Jun 12 09:07

The Great Reset: Housing shortage Exposed

Jun 12 09:06

Will These Crybabies Crash the Market?

Jun 12 09:05

IS A “CLIMATE LOCKDOWN” ON THE HORIZON?

If and when the powers-that-be decide to move on from their pandemic narrative, lockdowns won’t be going anywhere. Instead it looks like they’ll be rebranded as “climate lockdowns”, and either enforced or simply held threateningly over the public’s head.

Jun 12 06:41

Vaccines and Inflation Risk

Jun 12 05:56

Mining Stocks Will Become Epic Bubble

Jun 12 05:45

The Labor Shortage May Be Permanent

Jun 12 05:45

The “Long COVID” Economy

Jun 12 05:45

The Fed Is Wrong: Inflation Is Sticky

Jun 11 18:03

Biden & Boris Team Up to Develop U.S./U.K Partnership on 6G Development that Includes A.I.; Never Mind the Risks, Warnings and Opposition

By B.N. Frank

A 2019 survey revealed that 82% of Americans thought Artificial Intelligence (A.I.) technology would be more harmful than helpful. They seem to have been onto something as warnings about A.I. keep pouring in.

Nevertheless, they are already working on developing 6G and implementing more controversial A.I.

Jun 11 15:51

Cuba’s Central Bank Suspends Deposits in US Dollars

Cuban banking and financial institutions will not accept cash deposits in US dollars from 21 June due to US sanctions, the Central Bank of Cuba (BCC) said.

"Given the obstacles imposed by the US economic blockade for the Cuban banking system to depositing abroad cash in US dollars collected in the country, the decision has been made to temporarily stop the acceptance of bills in that currency by the Cuban banking and finance system", the BCC said on Thursday, as quoted by the state Mesa Redonda news outlet.

According to the statement, the measure will not affect operations involving transfers or cash deposits of other freely convertible currencies accepted in Cuba. The BCC explained that the decision is a protective measure for the Cuban banking and financial system due to restrictions imposed by the economic, commercial, and financial blockade on part of the US.

Jun 11 15:30

DROUGHT collapsing the food supply, LAWLESSNESS collapsing blue cities as America plunges toward Third World chaos

Oregon’s leftist legislature just passed a bill that will turn every city in the state into “shanty towns” of tent cities, rife with drug use, prostitution, disease and crime. HB 3115 prevents police from arresting or fining people who are living in tents on public property. Naturally, the only reason so many people are homeless in Oregon, Washington, California and other blue states is because of the disastrous, mentally ill policies put forth by liberals who despise police and hate humanity. Parts of Seattle already resemble South American craphole nations, and Portland isn’t far behind. Soon, every city up and down the Left Coast will be a Third World craphole run by Democrats. Anyone who is able to flee will flee by any means necessary.

Jun 11 13:43

You are witnessing history...

Jun 11 12:42

Inflation Is Starting To Get Really Crazy – And It Is Worse Than You Think

Inflation is making headlines all over the country, but the mainstream media is not being honest about the true severity of the crisis.  We are being told that the official rate of inflation is still in single digits, but what we aren’t being told is that the way inflation is calculated has changed dramatically over the years.  In fact, according to Forbes “the government has changed the way it calculates inflation more than 20 times” over the past 30 years.  The rate of inflation directly affects so many other things in our system, and the government would like to keep that number as low as possible.  So they tinkered and tinkered with the formula until they got it just where they wanted it.

Jun 11 12:28

Frustrated Homebuyers Are Competing With Investment Funds That Are Literally Buying Up Entire Neighborhoods

Unfortunately, many potential home buyers don’t even realize that they may be competing with investment funds, billionaires and wealth foreigners.  Gobbling up homes is now considered to be a way to make huge returns very rapidly.  Once homes are purchased, they are either flipped quickly for a large profit or they are rented out at very aggressive rates.  Meanwhile, it is becoming a lot more difficult for ordinary Americans to find affordable places to live.

Jun 11 10:24

What to Do If Your Third Stimulus Check is Lost, Stolen or Destroyed

It's bad enough if a new sweater you ordered on Amazon gets lost in the mail – but you're really going to get mad if the post office loses your $1,400 stimulus check. What do you do then? Or what happens if your bank never receives your direct deposit stimulus payment from the IRS? Are you going to lose that money?

Fortunately, the IRS has a procedure to help. If your third-round stimulus payment is lost, stolen or destroyed, you can ask the IRS to perform a "payment trace" to see if your check was cashed or direct deposit misdirected. Ultimately, if everything goes smoothly, you'll be issued a new payment. That's the good news.

Jun 11 09:01

Will Government Bonds Continue To Sink Lower?

Jun 11 08:59

G-7 leaders to discuss Covid, global minimum tax rate at first day of summit

President Joe Biden and other world leaders are expected to focus on the global response to the coronavirus pandemic Friday, the first day of the G-7 meeting in Cornwall, England, while making the case for democratic institutions' unique ability to respond to economic crises and disparities, senior administration officials said.

The Group of Seven, an organization of the world's leading industrial countries — Britain, Canada, France, Germany, Italy, Japan and the U.S. — is expected to announce they will provide at least 1 billion coronavirus vaccine doses to the world.

The group will also endorse a global minimum tax of at least 15 percent for companies, the White House said.

If one is enacted, an established global tax rate — which companies would have to pay regardless of where they are based — could reverse what the White House called a "race to the bottom" on international rates that has been a source of tension among countries for years.

Jun 11 08:58

El Salvador Plans To Use Electricity Generated From Volcanoes To Mine Bitcoin

The president of El Salvador announced Wednesday that the country's state-run geothermal energy utility would begin using power derived from volcanoes for Bitcoin mining.

The announcement on social media came just hours after the Central American nation's congress voted to make the cryptocurrency an acceptable legal tender.

"I've just instructed the president of @LaGeoSV (our state-owned geothermal electric company), to put up a plan to offer facilities for #Bitcoin mining with very cheap, 100% clean, 100% renewable, 0 emissions energy from our volcanos," president Nayib Bukele tweeted. "This is going to evolve fast!"

Bitcoin mining has taken a lot of heat for being harmful to the environment, since it requires massive amounts of electricity to power the computers that generate the invisible currency.

Jun 11 08:57

US charges Israelis in insider trader scheme

US prosecutors yesterday unveiled criminal charges in Manhattan accusing two Israeli traders of illegal trading in several biotechnology and healthcare companies in connection with a sprawling international insider trading scheme, Reuters reported.

Tomer Feingold and Dov Malnik were accused in a 15-count indictment of securities fraud, wire fraud, tender offer fraud, concealment of a money laundering scheme and conspiracy.

Authorities have said the defendants, who lived in Geneva, Switzerland, generated millions of dollars of profit by trading on nonpublic information concerning mergers and potential transactions involving such companies as Ariad Pharmaceuticals Inc, Avanir Pharmaceuticals Inc and InterMune Inc.

The US Securities and Exchange Commission filed related civil charges against Feingold and Malnik in March 2020. Their indictment had been sealed before yesterday.

Jun 11 08:56

3 Ways Rising Price Inflation Hurts Everyday Americans

By Brad Polumbo

Proponents of big-government spending and money-printing tried to downplay April data showing surging consumer prices as just a temporary adjustment. But the new data for May are out now, and they show price inflation shooting up even higher...

Jun 11 08:33

Basel III and COMEX Gold

Jun 11 08:00

U.S. senators push for infrastructure plan that avoids tax hikes

A bipartisan group of 10 senators is trying to craft a plan to revitalize U.S. roads and bridges without tax hikes, lawmakers said on Wednesday, though some of President Joe Biden's fellow Democrats fretted that such an approach on infrastructure legislation would fail.

Revamping America's infrastructure is a high priority for Biden, but his sweeping $1.7 trillion proposal has run into trouble in a Congress that his party only narrowly controls, making Republican support pivotal.

Republican Senator Mitt Romney told reporters that members of the group have reached "tentative conclusions" on their plan but did not provide details. The proposal is expected to total nearly $900 billion.

"We're not raising taxes," Romney told reporters. "We're going to be talking to other members to see if we can get enough support for this to have the necessary votes to be successful."

Jun 11 07:52

Financial Media Downplays Inflation Risk

Jun 11 05:23

Demand-Driven Price Hikes Are Underway

Jun 11 04:20

$1.2 Trillion Manchin-Backed Infrastructure Plan Reached By Bipartisan Group Of Senators

Update (1900ET): The bipartisan group has agreed to pitch a $1.2 trillion eight-year infrastructure spending package to the Biden administration, according to Bloomberg, citing an anonymous source familiar with the deliberations.

The proposal is notably backed by Sen. Joe Manchin (D-WV), and calls for $579 billion in net new spending "beyond outlays that Congress was already expected to enact."

After talks between President Joe Biden and Sen. Shelly Moore Capito (R-WV) broke down earlier this week, a bipartisan group of 10 senators led by Mitt Romney (R-UT) say they've reached a tentative deal on the the size of an infrastructure deal, as well as how they'd pay for it.

The deal would spend a fraction of the $4.1 trillion called for by President Biden, and would not require an increase in taxes, according to The Hill, which suggests it may be a "tough sell within the broader Senate Democratic caucus."

Webmaster's Commentary: 

What about accountability for the billions we've already spent in taxes the Federal Government has blown through in horrific and stupid over-reach to date?!?

I would really love some accurate numbers on that, thank you very much!!

Jun 11 03:45

How Washington Is Positioning Al-Qaeda's Founder As Its Rebranded 'Asset

Authored by Ben Norton & Max Blumenthal via TheGrayZone.com,

March 2021 marked the 10th anniversary of the Western regime-change war on Syria. And after a decade of grueling conflict, Washington is still maneuvering to extend its longstanding relationship with the Salafi-jihadist militants fighting Syrian President Bashar al-Assad.

With the northeastern province of Idlib under the control of a self-proclaimed "Syrian Salvation Government" led by the rebranded version of Syria’s al-Qaeda franchise, and protected under the military aegis of NATO member state Turkey, powerful elements from Brussels to Washington have been working to legitimize its leader.

This June, PBS Frontline aired a special, "The Jihadist," featuring a sit-down interview with Abu Mohammad al-Jolani, de facto president of the "Syrian Salvation Government" and founder of the Syrian branch of al-Qaeda originally called Jabhat al-Nusra, today re-branded as Hay-at Tahrir al-Sham, or HTS.

Webmaster's Commentary: 

PBS is, most simply put, just another element in US government psy-ops, period, end of discussion.

And BTW, when was the last time you saw a PBS program critical, in any way, of US governmental agenda?!?

The short answer, is... NEVER.

SHARE THIS ARTICLE WITH YOUR SOCIAL MEDIA