Category Archives: Business/Economics

Business/Economics, Idaho, U.S.

Government & Corporate Incompetence: Idaho man discovers you can hack into medical implants

“There’s no security around the devices which are a very active part of keeping me alive.”-Jay Radcliffe

Idahoan, Jay Radcliffe, discovered you can hack into and remotely control a person’s medical implants.

He recently demonstrated to government officials by hacking into his own implanted insulin pump.

The problem is that wireless implants are supposed to be regulated to prevent such a thing.  The U.S. Food and Drug administration recently warned implant makers of a similar problem.

Federal lawmakers asked the Government Accountability Office to investigate the Federal Communications Commission.  The FCC is responsible for making sure all radio communication devices are in compliance with regulations.

 

 

 

Business/Economics, International, U.S.

No Economic Recovery for the U.S.: Paramount & Warner Bros make big bucks, overseas

Paramount and Warner Brother’s have both made U.S.$2 billion in profits so far this year, but not here in the U.S.

The two movie studios made those profits overseas.  They’re the first U.S. movie companies to hit such a high overseas profit.

If anyone has been paying attention to where U.S. movies are first released, they’d notice that U.S. movie premiers have been taking place overseas first, before being released in the United States.

 

 

Business/Economics, U.S.

What Economic Recovery? Hundreds of thousands of U.S. Postal Workers to be laid off, Union talks are focusing on how to soften the impact on those who will keep their jobs

“If we do that, it means lower costs – career people leave, more non-careers come in.  Much of that will be attrition, but I don’t know if we can do that fast enough.”-Patrick Donahoe, Postmaster General

The U.S. Postal Service is being forced to lay off so many postal workers that it’s asking Congress to cancel current Union contracts.   220,000 postal workers will be laid off by 2014.

The reality of the situation is forcing the many different unions, involved with the Postal Service, to scramble to negotiations, not to save those jobs, but to soften the impact on those who will keep their jobs.

Those unions are the National Association of Letter Carriers (NALC), the National Postal Mail Handlers Union (NPMHU), and the American Postal Workers’ Union (APWU).

Not only does the USPS want to get rid of 220,000 employees, but they want to shut down as many as 3,700 post offices, close at least 300 processing facilities, and consolidate as many as 20,000 delivery routes.

All that will affect those people who’re “lucky” enough to still have their jobs.  If the negotiations with the unions fails, then it’s on to arbitration.  USPS workers can not legally go on strike, because they are considered Federal employees.

One reason the USPS is short on money, is because the U.S. Congress essentially stole $75 billion from the Postal Service.  Congress said it was to cover the Postal Service’s portion of the Federal Employees Retirement System.  The Postmaster General was able to prove that Congress overcharged the USPS.  The U.S. Congress refused to refund the money.

Another reason is that Congress has refused to raise Postal rates to reflect the increased cost of operation.  It’s almost as if the U.S. Congress wants the USPS to fail!

The United States Postal Service does not make money off taxpayers, they are solely funded by the postage they charge (prices are controlled by Congress, not the USPS), and other products they sell.  The cuts being made to the USPS will have no affect on U.S. government debt.

Business/Economics, U.S.

What Economic Recovery? Obama orders a 5% reduction in government budgets

President Obama’s budget chief Jacob Lew has ordered government agencies to submit budgets that are at least 5% less than the past fiscal year’s budgets.

It was also suggested that the different government agencies find ways to cut another 10% through out the next fiscal year.  This is part of the Debt Limit Deal (Budget Control Act of 2011) passed a few weeks ago.

Business/Economics, U.S.

Dumb Americans: Most old people, on U.S. Medicare, don’t realize how much they actually pay out of their own pocket

A new survey shows that most U.S. citizens on Medicare don’t realize just how much they’re paying out of their own pocket.

The study looked at “specialty tier” drugs under the Part D prescription drug plan.  Specialty tier drugs are mainly expensive name brand drugs.

At least half the people surveyed thought only a co-pay was required. Specialty tier drugs require a co-insurance, not just a co-pay.  Also, most people greatly underestimated how much they would have to fork up out of their own pockets, even with the specialty tier coverage.

The study was conducted by NERA Economic Consulting.

 

Business/Economics, International

Europe shoots self in foot by imposing oil embargo on Syria

The European Union has banned the importation of oil from Syria.  This is supposed to hurt Syria, but it will only hurt Europe.

90% (some sources say 95%) of the oil that comes from Syria, goes to Europe, so you can see it will only hurt Europe.  Unless this is part of some conspiracy to drive oil prices back up to $100.00 per barrel?

The EU decision was not unanimous, several European countries, like Cyprus, Greece and Italy expressed concerns that the embargo would not hurt the Syrian government.

Business/Economics, International, U.S.

What Economic Recovery? U.S. Foreign Exchange Student program really covert Slave Labor operation, no wonder Corporate America isn’t hiring

“Working hard, eight hours, we have no opportunity to speak at work.  If I speak, my supervisor comes to me and says, ‘Don’t speak anymore, or I’ll send you home.'”-Yana Brenzey, 19, of Ukraine, foreign exchange student

August 19, foreign college students are protesting in Palmyra, Pittsburgh and Philadelphia, saying the U.S. State Department student exchange programs are really a form of slave labor for U.S. corporations.

Friday’s protests are focusing on the candy maker Hersey, but other companies across the United States are involved.

Foreign students say the work programs that are part of the student exchange programs, do not provide them with money to help them with money to help cover their expenses while in the U.S. going to college.  Instead the corporations deduct from their pay all kinds of expenses, which leave the students with little or no money left over.  Essentially companies like Hersey end up with free labor.

Exchange students had to kick back upwards of $6,000 to the California-based Council for Educational Travel USA (CETUSA).

An organization called National Guestworker Alliance is helping foreign students organize the protests, and has even got federal officials promising an investigation. This after students in New Orleans reported being “made captive” by their employers.  Protests in New Orleans started on August 17, where’s the main stream U.S. media?

Most of the media coverage of these protest are in local newspapers.

 

 

 

 

 

 

Business/Economics, International, U.S.

Global Economic War: Venezuela to nationalize Gold industry, demands that their gold stored in European & U.S. banks be returned, creating gold back money

“Venezuela is the 13th largest holder of gold in the world. From a financial aspect, I think it is a very shrewd and intelligent move to protect his country’s gold assets.  There is, however, a political overtone in that he wants to pull out the other financial assets that Venezuela has in the U.K., in the U.S., and push it into what he calls ‘more likable allies’, Russia, China and Brazil.”-Adrian Salbuchi

President Hugo Chavez wants all of Venezuela’s gold now held in European and U.S. banks to be returned.

It would be the largest physical movement of gold in recent history.  Some reports say it would involve U.S.$11 billion in gold.

The demand for Venezuela’s gold to be returned, comes after Chavez announced that the government would nationalize all gold mines in Venezuela.

The intent of nationalizing their gold industry is a precursor to creating money backed by gold: “We are going to nationalize gold and turn it into foreign exchange reserves…”-Hugo Chavez

 

 

Business/Economics, International, Technology

Global Economic War: Japan has a new agressive policy for acquiring Rare Earth Minerals

Japan says it will offer less developed countries money, and other aid, to help them develop infrastructure and industries, in exchange for exclusive mining rights for rare earth minerals.

China has been using the same tactic for decades.  Japan says they’re adopting such a policy in order to compete with China.

Rare earth minerals are used in high tech products like cell phones and hybrid cars.  Because of the rapid development of high tech devices, and the increasing global dependence on them, rare earth minerals could become the “oil” of the 21st century.

 

Business/Economics, International, U.S.

Global Economic War: Iran makes first oil sale not based on U.S. dollar

August 19, the first shipment of Iranian crude oil has been sold on Iran’s Bourse Organization/Kish Commodity Exchange.  500,000 barrels of heavy crude oil were sold.

Iran’s Bourse was created in 2008 for the specific purpose of selling oil using any international currency, other than the U.S. dollar.  Up until now, the Bourse/Kish exchange was selling only oil-derived products, things like plastics and pharmaceutical supplies.

This is the real reason the United States wants to attack Iran, it was the real reason the United States invaded Iraq.  If you remember Saddam Hussein announced that Iraq was no longer going to accept the U.S. dollar for its oil sales. Suddenly the U.S. was claiming that Iraq was connected to the 9/11 attacks, and that they had weapons of mass destruction (all since proven to be lies).