American’s spent all their money on healthcare, hard to believe, remember healthcare spending is included in the GDP numbers. Pending home sales jump. As Yellen is about to leave office she just used the “c” word, the next financial crisis is right around the corner. Russia is worried that the US might try to seize their gold. Matt Lauer has been fired for NBC, the truth is coming out, more to come. North Korea fires another missile and now the corporate media and the war hawks are pushing the idea that the missile can reach America, did they already say this last time which turned out to be false. Russia wants the situation to be worked out diplomatically. Graham threatens Trump and says war is coming. The second stage of the event has been set, the corporate media is reporting that the SWIFT system has been hacked and the hackers were able to take funds, this is a build up to the next event.
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Current News – 11.29.2017
- that according to the Department of Commerce, in the third quarter the biggest driver of marginal spending was car sales (technically Motor Vehicles and Parts), which increased by $15.6 billion to $463.5 billion. Which, as we said at the time and considering recent US
- and global automakers data, was paradoxical in light of the ongoing decline in overall sales in the second half of 2017, and it was far too early to expect the post-hurricane spending spree. It was also surprising because as Americans splurged on cars, they pulled back on gasoline purchases,
- In any case, we concluded by saying that “we now await for the revisions to this initial estimate over the coming two months, because something tells us that the auto spending spree will be thoroughly revised well lower.”
- One month later, when the BEA released its second Q3 GDP estimate, it appears we were right: the contribution from motor vehicles was indeed revised lower, but not nearly as dramatically as we expected, only from a marginal increase of $15.6 million to $13.5 million.
- And yet, many other line items did see a downward revision, which means that something had to increase sharply to compensate for the downward revisions among other spending components. Sure enough, something did: the old faithful “plug” which has saved the US economy every quarter for the past 4 years: Healthcare, or as it is better known, Obamacare, Healthcare will merrily “contribute to GDP” for years to come, by being the single biggest marginal spending item for the foreseeable future.
- Following the bounces in new- and existing-home sales in October, all eyes are on Pending Home Sales to complete the trifecta of ‘proof’ that housing is back baby… and it did rising 3.5% MoM (beating expectations of a 1.0% gain). The driver of the surge was The South (up 7.4% MoM) as September’s 3% hurrican tumble is erased.
- September’s data was revsised slightly lower (from 0.0% to -0.4%) but October’s jump is the biggest since Feb..
The surprise surge was driven by a huge rebound in The South:
- Northeast up 0.5%; Sept. rose 1.2%
- Midwest up 2.8%; Sept. rose 1.4%
- South up 7.4%; Sept. fell 3%
- West fell 0.7%; Sept. rose 1.5%
- (note- the 2010 surge and purge was the pre- and post- moves around the homebuyer tax credits’ expiration”
Yes, departing Fed chair Janet Yellen used the ‘c’ word…
- Federal Reserve Chair Janet Yellen, in prepared remarks ahead of what may be her last appearance before Congress as head of the central bank,
“The economic expansion is increasingly broad based across sectors as well as across much of the global economy,” Y she expects the Fed to continue gradually raising interest rates and trimming its balance sheet.
- “Although asset valuations are high by historical standards, overall vulnerabilities in the financial sector appear moderate, as the banking system is well capitalized and broad measures of leverage and credit growth remain contained,” she said.
- In a surprising, and unexpected warning – which seemingly came out of nowhere – Russia’s Finance Minister Anton Siluanov cautioned Washington yesterday that “If our gold and currency reserves can be arrested, even if such a thought exists, it would be financial terrorism.”
- The comment appears to have been prompted by consideration of escalating US/EU sanctions which could ultimately impact Russia’s offshore held gold and reserves. If sanctions include the freezing of foreign accounts of the central bank, it would be equal to declaring financial war on Russia,
- “Today” star Matt Lauer, the highest paid personality in TV news, was fired following “a detailed complaint from a colleague about inappropriate sexual behavior in the workplace,”
An NBC insider said Lauer’s alleged victim complained to HR on Monday: “This happened so quickly. She didn’t go to the media, she made a complaint to NBC’s human resources, and her evidence was so compelling that Matt was fired on Tuesday night. The victim says she has evidence that this has also happened to other women, but so far we don’t have evidence of that.”
- North Korea has claimed its latest launch was a new type of intercontinental ballistic missile, the Hwasong 15, which can hit all the US mainland.
- The US, Japan and South Korea have called for an emergency UN Security Council meeting in response to the launch. The meeting is set to convene in New York later Wednesday.
- Reportedly, the missile test-fired Tuesday traveled nearly 1,000 km, reaching an altitude of 4,475 km, potentially able to reach US cities.
- Defense Secretary Mattis said the missile was “higher…than any previous shot they have taken,” claiming it could strike “anywhere in the world.”
- Trump responded tersely, saying we’ll “take care of it. It is a situation that we will handle.”
- North Korea carried out its new missile test early on November 29 after a 75-day pause
- “Moscow’s position on settling the situation on the Korean Peninsula is well-known and remains unchanged,” the source said commenting on North Korea’s new missile test.
- Following yesterday’s missile launch from North Korea, Senator Lindsey Graham joined CNN’s Wolf Blitzer to warn that the U.S. is “headed to war” with the “crazy man” in North Korea “if things don’t change.”
- The Trump Administration is increasingly isolated at the UN Security Council, as the UN has once again certified that Iran is in compliance with its obligations under the P5+1 agreement. Trump argues that Iran is not in compliance with the “spirit” of the deal – a confusing claim that is difficult to understand. Are they looking to replay the Iraq war on Iran? Tune in to today’s Ron Paul Liberty Report:
- The Russian military will keep their S-400 systems in the Syrian port-city of Tartous
- The US military and intelligence services are likely to succeed in blocking President Donald Trump’s efforts to end US military support for rebel groups in Syria,
- SWIFT, the global messaging system used to move trillions of dollars each day, warned banks on Wednesday that the threat of digital heists is on the rise as hackers use increasingly sophisticated tools and techniques to launch new attacks.
- “Adversaries have advanced their knowledge,” SWIFT said in a 16-page report co-written with BAE Systems Plc’s (BAES.L) cyber security division. “No system can be assumed to be totally infallible, or immune to attack.”
- The new report described an attack on an unidentified bank. Hackers spent several months inside the network of one customer, preparing for the eventual attack by stealing user credentials and monitoring the bank’s operations using software that recorded computer keystrokes and screenshots, the report said.
- When they launched the attack in the middle of the night, the hackers installed additional malware that let them modify messaging software so they could bypass protocols for confirming the identity of the computer’s operator, according to the report.
- The hackers then ordered payments sent to banks in other countries by copying pre-formatted payment requests into the messaging software, according to the report.
- After the hackers ended the three-hour operation, they sought to hide their tracks by deleting records of their activity. They also tried to distract the bank’s security team by infecting dozens of other computers with ransomware that locked documents with an encryption key, the report said.
- While SWIFT did not say how much money was taken, it said the bank quickly identified the fraudulent payments and arranged for the stolen funds to be frozen.
- The latest in a wave of propaganda posters released by the Islamic State terror group hits close to home.
- The poster, which was released Monday, directed its attention — and sinister message — to the inhabitants and visitors of New York City.
- The image depicts Santa leaving explosives in Times Square, and was captioned with the message: “We meet at Christmas in New York … soon.”