Banks need cash, they are insolvent and they are pushing sales of their products to generate revenue. Student loan defaults soar even with Obama’s loan forgiveness programs. Wages decline and retail sales decline in February. Department stores completely collapse. NAB confidence has hit a new high, what happens next is that the entire housing market collapses. Atlanta Fed revises its GDP down to .9%. Billionaire warns that the US will hyper inflate. The Fed just raised the rates into a very weak economy, this is the slow glide to the collapse scenario. The corporate media still pushing that there is no evidence for Obama’s wiretapping. Intel agencies say that Obama went to the British spy agencies to get the information. Judicial Watch is suing over Obama Russia cyber attack. Two Russian FSB agents were arrested for hacking into Yahoo. Seems very convenient at this point in time since these agents are in Russia. White House give the green light for units to move in Yemen and Syria. The clock is ticking down, the plan has been set for the next big event.
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Current News – 03.15.2017
- In nearly 1,000 emails, employees from RBC, BMO, CIBC, TD and Scotiabank locations across Canada describe the pressures to hit targets that are monitored weekly, daily and in some cases hourly. “Management is down your throat all the time,” said a Scotiabank financial adviser. “They want you to hit your numbers and it doesn’t matter how.”
- Some examples:
- An RBC teller from Thunder Bay, Ont., said even when customers don’t need or want anything, “we need to upgrade their Visa card, increase their Visa limits or get them to open up a credit line.” “It’s not what’s important to our clients anymore,” she said. “The bank wants more and more money. And it’s leading everyone into debt.”
- A CIBC teller said, “I am expected to aggressively sell products, especially Visa. Hit those targets, who cares if it’s hurting customers.”
- It gets worse: many bank employees described pressure tactics used by managers to try to increase sales.
- according to new data published by the U.S. Department of Education, $137 billion of federal student loans were in default as of December 2016, a 14% year-over-year increase. Key findings from the Consumer Federation of America:
Average amount owed is $30,650 per federal student loan borrower
1 million Direct Loan defaults in 2016. In 2016, 1.1 million Federal Direct Loan borrowers defaulted. Federal law typically defines a federal student loan default as being 270 days past due.
- Ironically, these soaring defaults come despite Obama’s executive actions setting up “income-driven repayment” (IDR) plans specifically intended to lower the burden on borrowers and avoid defaults. Obama’s so-called IDR plans set caps on borrowers’ monthly student loan payments at 10% of discretionary income, which is defined as earnings above 150% of the poverty level. Then, whatever principal balance is left over on the loans at their maturity date is simply ‘forgiven’ (which is government speak for “repaid by taxpayers”).
Any remaining balance is then forgiven after 10 or 20 years, depending on whether the borrower works in the public or private sector.
Enrollment in the plans has more than tripled in the past three years to 5.3 million borrowers
- Despite the surge in consumer confidence and exuberance at what lies ahead, real wages for America’s average joes declined year-over-year in February (down 0.3%). This is the first consecutive monthly drop in real wages since 2011(
- So not only is The Fed hiking into the weakest GDP growth outlook since 1987, noiw they are hiking into declining real wage growth (something tht has previously driven The Fed to a massvely dovish stance).
- the Census Bureau announced that retail sales printed largely in line, rising 0.1% in February, in line with consensus, but below last month’s 0.4% growth.
- Among the segments reporting a slowdown in retail sales were motor vehicles and parts dealers, which dropped 0.2%, as well as gasoline stations which declined 0.6% mostly as a result of a modest pullback in gasoline prices. Sporting goods and music stores, Department Stores and Food Service and drinking places all declined, by -0.4%, -1.1% and -0.1% the biggest drop came from electronics and appliance stores, where sales tumbled a whopping -2.8%
- Builder confidence in the market for newly-built single-family homes jumped six points to a level of 71 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). This is the highest reading since June 2005 – the ultimate peak of the last housing bubble.
- What happens next?
- the Atlanta Fed has just cut its Q1 GDP forecast from 1.2% to 0.9%, a number which if confirmed would be the lowest quarterly print in year,
- Putting the Atlanta Fed’s forecast in context, 0.9% GDP would mark the weakest quarter since 1987 in which rates were raised,
If one can only see value in paper currency terms, one cannot see value at all
- Seems to me the world is ready to hyperinflate into gold. After all, all currencies have already hyperinflated in the financial world. When the run on real things happens, as a system operator, you don’t want that since a functioning printing press is worth way more than gold. So you want to guide the hyperinflation into a useless metal and use this gold to help equalize the tradeflows. They cannot implement a global political & economic system when things are unstable because it will fail again and soon. Just as all reserve currencies did since late 1400.
- Let me elaborate on why I think that the world is ready to hyperinflate in gold terms. The Western public will not hold an asset that goes nowhere, at least in currency terms. The public in the East were never fooled that way. Some – I think rightly – joke “if one can only see value in paper currency terms, one cannot see value at all”. I also think gold is wealth and not money. Gold has always been funny in that way. So many people worldwide think of it as money even though its supply tends to dry up as the price rises.
- First the Comex will be thrown under the bus to destroy the paper leverage (price suppression) game. Maybe the LBMA as well though I would not be surprised as well if it’s allowed to stay alive. Then the prices can rise
- For the third time since June 2006, The Federal Reserve has hiked rates by 25bps (as 100% expected). If GDP forecasts for Q1 are correct, this will be the weakest economy since 1987 in which rates were increased.
- In fact this could be the lowest since Q4 1980 according to BBG data…
- Fed Headlines:
- FED RAISES BENCHMARK RATE TO 0.75%-1%; KASHKARI DISSENTS
- FED: INFLATION CLOSE TO GOAL, REFERS TO TARGET AS `SYMMETRIC’
- the GOP’s Chair of the House Intelligence Panel, Devin Nunes, confirmed what he said last week, namely that his panel has still not received any evidence that President Trump was wiretapped during the election campaign.
- Meanwhile White House press secretary Sean Spicer on Tuesday said Trump is “extremely confident” that the Justice Department will produce evidence to back up his assertion. He said Trump believes the evidence will “vindicate him.”
- according to Edward Snowden U.S. spy agencies can simply flip a switch to watch or listen in on anything going on in a particular room by turning on a particular device’s cameras and microphones.
- The technology is real,
- But while domestic spy agencies like the NSA and CIA can’t actively monitor a citizen on U.S. soil, there is a very convenient work-around that has been used for over a decade to accomplish this task without technically breaking the law.
- According to three intelligence sources who spoke with Judge Napolitano, this is exactly what President Obama did to then-candidate Donald Trump.
Three separate intelligence sources believe that former President Obama veered ‘outside the chain of command’ and employed British surveillance agents to conduct surveillance on Donald Trump’s team prior to the election, according to a legal analyst.
- Judicial watch filed a Freedom of Information Act (FOIA) lawsuit against the Central Intelligence Agency, the United States Department of Justice and the Department of the Treasury regarding records related to the investigation of retired United States Army Lieutenant General Michael Flynn’s communications with Russian Ambassador Sergey Kislyak (Judicial Watch v. Central Intelligence Agency et al. (No.1:17-cv-00397)).
- The National Security Agency refused to confirm or deny the existence of intelligence records about communications between Gen. Flynn and Amb. Kislyak.
- We filed the lawsuit after the agencies failed to respond to our January 25, 2017, FOIA request seeking:
- In our complaint we ask the court to order the agencies to search for all records responsive to our FOIA requests and demonstrate that the agency employed reasonable search methods; order the agencies to produce by a specific date all non-exempt records and a Vaughn index of all withheld records; and instruct the agencies to cease withholding all non-exempt records.
- FBI Director Jim Comey and NSA Head Admiral. Michael Rogers will both testify publicly in the House Intelligence Committee’s investigation into Russian interference in the US election, according to Chairman Devin Nunes.
- Cambodians are responding with outrage to the U.S. government’s demand that the country repay a nearly 50-year-old loan to Cambodia’s brutal Lon Nol government, which came to power through a U.S.-backed coup and spent much of its foreign funds purchasing arms to kill its own citizens, according to Cambodia’s current prime minister Hun Sen.
- While the U.S. was backing the Lon Nol government, it was also strafing the Cambodian countryside with bombs—a carpet-bombing campaign that would eventually see over 500,000 tons of explosives dropped on the small Asian country, killing hundreds of thousands of civilians and leaving a legacy of unexploded ordnances.
- Hun Sen has argued that the U.S. has no right to demand repayment of its “blood-stained” funds.
- The US State Department has approved the sale of $66 million worth of XM395 Accelerated Precision Mortar Initiative Round to the Government of Singapore, the Defense Security Cooperation Agency said i
- Kim Jong Un has ordered the entire North Korean army into “combat mode” to tighten security and consolidate sentiment in response to military drills conducted by South Korea and the US, which began in early March.
- Poroshenko’s decision to suspend transport services with the self-proclaimed republics in Donbass runs counter to the Minsk peace deal,
- Libyan Parliament: Russia Has Offered Aid to National Army
- Russia’s Defense Ministry has issued a statement today denying that there are any Russian special forces deployed to Egypt. This was in response to yesterday’s US claims that this was the case, with at least one Egyptian official claiming 22 Russian troops were at a western airbase, apparently with an eye on aiding Libya’s National Army.
- Pentagon commanders will have additional authority in selecting Yemen operations in order to achieve “a strategic effect” and will not need the president’s approval for each strike,
- The White House is currently in talks with defense officials over similar amount of freedom in Libya and Somali, where the number of terrorist groups is rapidly growing, the media added.
- The Army Rangers are in Manbij to keep the peace between Syrian Kurdish forces and those loyal to Turkey – Russia’s protecting humanitarian convoys
- U.S. troops there are focused on training and assisting local forces fighting the Islamic State. Their presence has swelled to around 1,000 in recent weeks with the addition of a Marine Corps artillery unit focused on the ISIS capital of Raqqa and the Army Rangers sent to Manbij. The Russians are backing Syrian President Bashar al Assad, whose military continues to battle rebel groups seeking to oust him from power.
- President Trump says the purpose of the escalation is to defeat ISIS in Raqqa, its headquarters in Syria. However the Syrian Army with its allies Russia and Iran are already close to defeating ISIS in Syria. Why must the US military be sent in when the Syrian army is already winning? Does Trump wish to occupy eastern Syria and put a Washington-backed rebel government in charge? Has anyone told President Trump what that would to cost in dollars and lives – including American lives?
- Is Trump planning on handing eastern Syria over to the Kurds, who have been doing much of the fighting in the area? How does he think NATO-ally Turkey would take a de facto Kurdistan carved out of Syria with its eyes on Kurdish-inhabited southern Turkey?
- And besides, by what rights would Washington carve up Syria or any other country?
- President Trump’s escalation in Syria is doomed to failure. He is being drawn into a quagmire by the neocons that will destroy scores of lives, cost us a fortune, and may well ruin his presidency. He must de-escalate immediately before it is too late.