Record number of American’s age 85 and older are still working. Inflation has hit hard and the older generation needs the funds to make ends meet. There will be no economic bounce, the economy is breaking down and it is getting worse, it is built on an illusion and the illusion is breaking apart and people are starting to see the truth. The Fed reports that the banks passed the stress tests but we come to learn that the Fed manipulated the tests for the banks. More emails have been found in regards to Strzok and Page. Nunes expands spygate. The DOJ was suppose to hand over all documents by Friday and they did not comply, what will the President do now, he should declassify the IG report. The MSM is pushing the story that the talks between NK and the US is breaking down, what is happening is actually the opposite, NK reports that they trust the President. Syria has made deals with the rebels, confiscated their weapons and now controls almost the entire southern part of Syria. Refugees are returning home now.
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Current News – 07.08.2018
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- economists have been largely unable to explain how wages have remained stagnant in a supposedly “tight” labor market.
- According to Census data analyzed the number of Americans aged 85 and older who are still working has risen to record highs in recent years.
- Meanwhile, the number of workers between the ages of 18 and 30 who are out of the workforce hasn’t been this high since the 1970s, before large numbers of women entered the workforce.
- At last count, there were 255,000 Americans aged 85 and older who had been working or looking for work in the past 12 months. That’s approximately 4.4% of Americans that age – up from 2.6% in 2006. Indeed, it appears Ruth Bader Ginsburg (85) and Warren Buffett (87) are not alone.
- As one might expect, these are industries like sales or management, which don’t require physically demanding labor.
- Perhaps the bizarre phenomenon that older workers are entering the workforce at levels never seen before, while a growing number of young people have been sidelined
- There Will Be No Economic Boom
“Wages are failing to keep up with even historically low rates of “reported” inflation. Again, we point out that it is likely that your inflation, if it includes the non-discretionary items listed above, is higher than “reported” inflation and the graph below is actually worse than it appears.”
“But this is nothing new as corporations have failed to ‘share the wealth’ for the last couple of decades.”
The Illusion Of Prosperity
“The illusion of economic growth has been fueled by ever increasing levels of debt to support consumption. However, if you back out the level of debt you get a better picture of what is actually happening economically.”
“When credit creation can no longer be sustained the markets must begin to clear the excesses before the cycle can begin again. That clearing process is going to be very substantial. With the economy currently requiring roughly $3.50 of debt to create $1 of economic growth, the reversion to a structurally manageable level of debt would involve a $25 trillion reduction of total credit market debt from current levels.”
Borrowing From The Future
“The ‘gap’ between the ‘standard of living’ and real disposable incomes is more clearly shown below. Beginning in 1990, incomes alone were no longer able to meet the standard of living so consumers turned to debt to fill the ‘gap.’
However, following the ‘financial crisis,’ even the combined levels of income and debt no longer fill the gap. Currently, there is almost a $7000 annual deficit that cannot be filled.”
“In the past, when Americans wanted to expand their consumption beyond the constraint of incomes they turned to credit in order to leverage their consumptive purchasing power. Steadily declining interest rates and lax lending standards put excess credit in the hands of every American. Such is why, during the 80’s and 90’s, as the ease of credit permeated its way through the system, the standard of living seemingly rose in America even while economic growth slowed along with incomes.”
Yields Tell The Story
“As shown, when the spreads on bonds begin to blow out, bad things have occurred in the markets and economy.”
“For the Federal Reserve, the next “financial crisis” is already in the works. All it takes now is a significant decline in asset prices to spark a cascade of events that even monetary interventions may be unable to stem.”
‘Following the financial crisis, the Government and the Federal Reserve decided it was prudent to inject more than $33 Trillion in debt-laden injections into the economy believing such would stimulate an economic resurgence.”
- Debt Bubble
“Rising interest rates are a “tax.” When combined with a stronger dollar, which negatively impacts exporters (exports make up roughly 40% of total corporate profits), the catalysts are in place for a problem to emerge.
The chart below compares total non-financial corporate debt to GDP to the 2-year annual rate of change for the 10-year Treasury. As you can see sharply increasing rates have typically preceded either market or economic events. Of course, it is during those events which loan default rates rise, and leverage is reduced, generally not in the most “market-friendly” way.”
- Not What It Seems
“In the past, when Americans wanted to expand their consumption beyond the constraint of incomes they turned to credit in order to leverage their consumptive purchasing power. Steadily declining interest rates, and lax lending standards, put excess credit in the hands of every American. Such is why, during the 80’s and 90’s, as the ease of credit permeated its way through the system, the standard of living seemingly rose in America even while economic growth slowed along with incomes.”
With a deficit between the current standard of living and what incomes, savings and debt increases can support, expectations of sustained rates of stronger economic growth, beyond population growth, becomes problematic.
For investors, that poses huge risks in the market.
While accounting gimmicks, wage suppression, tax cuts and stock buybacks may support prices in the short-term, in the long-term the market is a reflection of the strength of the economy. Since the economy is 70% driven by consumption, consumer indebtedness could become problematic.”
- Employment Illusion
“Why are so many people struggling to find a job and terminating their search if, as we are repeatedly told, the labor market is so healthy? To explain the juxtaposition of the low jobless claims number and unemployment rate with the low participation rate and weak wage growth, a calculation of the participation rate adjusted unemployment rate is revealing.
When people stop looking for a job, they are still unemployed, but they are not included in the U-3 unemployment calculation. If we include those who quit looking for work in the data, the employment situation is quite different. The graph below compares the U-3 unemployment rate to one that assumes a constant participation rate from 2008 to today. Contrary to the U-3 unemployment rate of 4.1%, this metric implies an adjusted unemployment rate of 9.1%.”
- The US Federal Reserve (Fed) struck an unprecedented bargain with Goldman Sachs and Morgan Stanley ahead of recent stress tests that allowed the two banking giants to avoid outright failing grades, media reported.
- On Friday, June 22, the US Federal Reserve said 34 of the nation’s 35 largest banks had adequate capital plans to survive a financial crisis. Of the 34 banks, however, the board issued “conditional non-objections” to the capital plans of three institutions, including Goldman Sachs and Morgan Stanley.
- On June 21, US federal regulators in phone conversations told Goldman Sachs and Morgan Stanley that to fully pass the stress tests the banks needed to cut in half the combined $16 billion in shareholder payouts they had hoped to allocate, the Wall Street Journal reported on Monday, citing people familiar with the talks.
- However, as part of an unprecedented deal, the Fed allowed the banks to maintain a $13 billion payout level in exchange for a “conditional non-objection” grade.
- The banks were basically allowed to pay out about $5 billion more than they should have while at the same time avoiding the public “black eye” that comes with an “outright” failing grade, the report added.
- The bargain, according to the report, will also boost profitability measures that helps calculate salaries for the firms’ CEOs, t
- Congressional investigators have received a trove of new communications between embattled FBI agent Peter Strzok and his counterintelligence team which reveal “troubling” evidence that the FBI was rushing at breakneck speed to dig up any possible dirt on the Trump campaign, r
Memos the FBI is now producing to the Department of Justice (DOJ) inspector general and multiple Senate and House committees offer what sources involved in the production, review or investigation describe to me as “damning” or “troubling” evidence.
They show Strzok and his counterintelligence team rushing in the fall of 2016 to find “derogatory” information from informants, or a “pretext” to accelerate the probe and get a surveillance warrant on figures tied to the future president. –The Hill
- One of the FBI’s targets, of course, was Trump campaign aide Carter Page – an energy consultant from New York who briefly volunteered as a foreign policy adviser for the GOP nominee’s campaign, and who visited Moscow the summer prior to the election.
- The new batch of messages reveal Strzok, his reported lover, former FBI attorney Lisa Page, and others on the counterintelligence team monitoring news articles in September 2016 which revealed that the FBI was probing Page’s Moscow trip.
- Said news articles prompted Page to send a letter to then-FBI director James Comey to complain about the “completely false leak,” which Strzok and Page then seized on as a “pretext” to sink their hooks into the Trump adviser.
“At a minimum, the letter provides us a pretext to interview,” Strzok wrote to Lisa Page on Sept. 26, 2016.
Within weeks, that “pretext” — often a synonym for an excuse — had been upsized to a Foreign Intelligence Surveillance Act (FISA) court warrant, giving the FBI the ability to use some of its most awesome powers to monitor Carter Page and his activities.
To date, the former Trump adviser has been accused of no wrongdoing despite being subjected to nearly a year of surveillance. –The Hill
- House Intelligence Committee chairman Devin Nunes (R-CA) has been a busy man.
- Nunes referred 15 people connected to the Russia investigation to testify in an “open setting.” Many of those on the list are tied directly to Hillary Clinton, Fusion GPS and the infamous “Steele dossier” – a collection of 17 memos full of compromising yet unverified claims about President Trump’s ties to Russia.
- The names on the list include Sidney Blumenthal, Fusion GPS founders Glenn Simpson and Thomas Catan, Perkins Coie attorney Marc Elias, and former FBI agent and Feinstein staffer Daniel Jones, who is spearheading a $50 million Soros-funded effort to continue the Trump-Russia investigation with Fusion GPS and Steele.
- All together, Nunes has referred 42 people to Gowdy and Goodlatte – highlighting that the individuals likely fall under the scope of their joint task force.
Re_ read drops re: Five Eyes / FVEY.
Will be extremely important going forward.
[UK] – primary
FBI/DOJ to State / Hussein WH (inc C_A / other appointment Start) to Foreign Bad Actors.
We have the server.
- The Justice Department and the FBI have failed to meet deadlines for the delivery of specific documents about FBI activities prior to the official investigation into Russian meddling,
- “The DOJ gave the committee some, but not all, of the outstanding documents, so they are not in compliance,” an Intelligence Committee
- “The House Judiciary Committee has been in contact daily with the Justice Department to ensure they produce all the documents subpoenaed by the committee earlier this year,” s
- Meanwhile, the face of the noncompliant DOJ is none other than Deputy Attorney General Rod Rosenstein – who recommended former FBI Director Jim Comey’s firing, appointed Special Counsel Robert Mueller, and signed off on at least one FISA warrant renewal for Trump campaign aide Carter Page..
with a mention of
Bullshit meter off the charts with this one>>1952489
We are waiting for a reporter to ask the ultimate question.
What are they waiting for?
They can end this at any time simply by asking POTUS, right?
We may have to ‘force’ this one.
- Hundreds of thousands of US citizens may have to scrap their holiday plans, the Internal Revenue Service said, as it is enforcing a law allowing authorities to revoke and deny passports to those owing over $51,000 in unpaid taxes.
- Some 362,000 people may fall under the scope of the 2015 law as early as the end of this year,
- The Fixing America’s Surface Transportation (FAST) Act, which became a law in December 2015, allows the State Department and the IRS to refuse to issue passports to those with “seriously delinquent” debts that are defined as “an unpaid, legally enforceable federal tax liability” of more than $51,000, including interest and penalties.
- However, an IRS representative told the publication in June that the authorities have not gone that far as of yet and, for now, they have contented themselves with simply denying applications.
There will be no civil war.
Coordinated MSM hysteria designed to instill fear – change narrative.
NK is NOT advancing their weapons program.
Coordinated MSM hysteria designed to instill fear – change narrative.
- Pyongyang has reaffirmed its commitment to dismantle its missile engine test site, US Secretary of State Mike Pompeo said, but American sanctions against the North will remain until there is “fully verified” denuclearization.
- “North Korea reaffirmed its commitment to complete denuclearization,” Pompeo said at the trilateral news conference in Tokyo, where he was joined by Japanese and South Korean officials.
- The North also backed its earlier promises “to destroy its missile engine test site,” “There will be a verification connected to the complete denuclearization.”
- North Korea still trusts US President Donald Trump, says a statement released by the North Korean Foreign Ministry on Saturday.
- “We still value the trust we have for President [Donald] Trump,” North Korea’s news agency KCNA said citing the statement.
- North Korean Leader Kim Jong Un is reported to have written a letter for Trump, which was handed to visiting US Secretary of State Mike Pompeo.
- Hundreds of Syrian refugees returned from a camp near the Lebanese town of Arsal to their homes in the Syrian areas in western and eastern Qalamun, the Syrian Arab News Agency (SANA) reported on July 7. According to Lebanese sources, the number of the refugees who returned is 448.
- Syrian refugees on their way to their homes
- The Syrian Arab Army (SAA) seized a large cache of weapons that were left behind by the rebel forces at the Nassib Crossing in Daraa.
- According to a report from the Syrian Arab News Agency (SANA), the rebel forces left behind a wide variety of weapons, including armored vehicles, missiles, and a large quantity of ammunition.
- On July 7, the Syrian Arab News Agency (SANA) released photos of several armored vehicles, which were captured by the Syrian Arab Army (SAA) inside the Nasib border crossing in the western Daraa countryside.
- Among the vehicles, four OT-64 SKOT amphibious armored personnel carriers (APCs), which was made by Poland and former Czechoslovakia. Despite that the SAA operated a number of these vehicles previously, experts believe that the ones found in Nasib had been supplied by the U.S. Military