Tag Archives: banks

What Economic Recovery? U.S. job creation crashing! European unemployment holding at record high! Production falling in China! Japan going down! Government bonds at record lows! Dow Jones erases all gains of 2012!

1 June 2012, bad news for everyone, that is bad news for everyone playing the western (U.S./British dominated) game of capitalism (including the “communist” Chinese)!

Employment numbers did not live up to the expectations of experts in the United States. The U.S. Department of Labor reported that only 69,000 net jobs were created in May.  Employment experts in the private sector expected at least 150,000 new jobs.

To top that, the Labor Department revised the April and March employment numbers…down!  For the two months before May, the number of net jobs created was revised downward by 49,000!

In the past labor officials said that in order to have an economic recovery unAmerican Corporate America must create 200,000 net new jobs every month.  That hasn’t happened, and now it’s worse!  The latest estimates are that 362,000 net new jobs must be created every month, for three years straight!  That would bring down the unemployment rate to 6%.

Here’s some factual numbers: At least 12.7 million people in the U.S. are “officially” unemployed.  At least 100,000 million people are “unofficially” unemployed!  Both those factual numbers come from the U.S. Department of Labor!

As one of the many Low Income workers who recently went back to work, working for the Man in the U.S. (after two years of unemployment), let me just say this: No Shit Sherlock!

We Low Income workers, still with jobs, have seen the unAmerican Corporate America bullshit first hand, on a daily bases.  It’s now to the point many of us see it on an hourly bases!  Nothing has changed, people!  If anything the glorified, deified, well educated, well financed leaders of our country are only picking up speed with their snowballing moronic decision making!  Need proof?  How about JP Morgan Chase  (I now work for a contractor who lost a contract with Chase, now I think we know a major reason why Chase canceled the contract)?  Wake up people!!!  UnAmerican Corporate America is the cause of our economic decline!

Now for Europe.

The 17 member European Union held onto its record unemployment rate for the second month in a row. The latest report is for the month of April, and it stands at 11%.  When you break it down by EU member countries it gets worse: Italy  10.2%, Portugal 15.2%, Greece 21.7% (stats for February only).

But how about that Spain?  24.3% unemployment!  When you look at just youth unemployment (workers under 25 years of age) it’s 51.5%!!!  Can you say “get ready for civil war”?

The result of the collapse of the EU is causing the euro to crash & burn, and forcing the Japanese yen to increase in value.  Not only that, but today was the first day that China and Japan began trading their money (in order to avoid the U.S. dollar) and the yen gained in value over the Chinese yuan!

That will kill Japanese business.  Japan is a country whose economy depends on international trade.  Since 2011 the yen has gained in value, and has already caused major harm to Japanese companies.  Yesterday Toyota announced that it was selling $2.5 billion USD in bonds to raise cash, because they believed another credit crash was coming (funny how the U.S./British mainstream media misreported the news).

China is reporting a drop in the Purchasing Managers’ Index, down 2.9 points from April.  The drop is caused by a combination of decreased sales internationally, and domestically.  It means China’s economy is slowing down, and if China is the manufacturing center of the western capitalist world, then it makes for a good canary in the western capitalist economic coal mine.

Oh, let’s not forget those stable government bonds.  On 1 June 2012, U.S. ten year bonds hit a record low of 1.5% interest!   German government bonds hit a record low of 1.1%!

The result of all this doom & gloom, based on factual data, is that all the stock markets in Asia went down.  In the United States the Dow Jones Industrial Average (aka Wall Street) lost all its gains for January to May 2012, falling more than 200 points in one hour and 30 minutes!

Global Economic War: India & Iran to push forward with new oil deal! Iran “key” to world economy!

“Iran is an important neighbor and crucial trade partner for India, and also a major source of our energy supplies.”-S M Krishna, External Affairs Minister of India

31 May 2012, after a meeting between Iranian and Indian officials, India made it clear that Iran was India’s number one source for oil!

Indian officials are looking to Iran for other economic deals, as India considers Iran the economic gateway to Central Asia.  S M Krishna said Iran was also the economic key to the whole world!

The two countries also discussed “threats” being made against them.

Iran has invited India to attend the upcoming Non-Aligned Movement (NAM) Summit in August.  NAM consists of countries that do not kowtow to the United States/British Empire.

 

What Economic Recovery? While India experiences GDP growth above 5%, the United States continues to stagnate and stink! Blame the government, blame inflation! Could have been worse!

31 May 2012, The U.S. Department of Commerce reported that the U.S. GDP continues to stagnate at 1.9%!  That was for January through March.

Once again, the experts were expecting it to be higher, like around 2.2% (which is still stagnation).  The problem is that the experts were expecting business inventories to be around $69.5 billion USD, instead they ended the 1st quarter at $57.7 billion.

Also, consumer spending was a tiny bit lower than what the experts were expecting; 2.7% instead of the expected 2.9%.

Government spending dropped by 3.9%, also more than what the experts were expecting.

Inflation went up 2.4% (price index for personal consumption), which is twice that of the 1st quarter of 2011!  By the way, the experts got this one right.

The inflation rate for core PCE gauge, which excludes volatile food and energy prices, was at 2.1%, which is up from the 4th quarter of 2011.

But wait, there’s more!  The Commerce Department said the 1st quarter GDP could have been even lower if it weren’t for an unexpected increase in business spending! Business spending went up 1.9%, the experts were expecting it to drop by 2.1%!

By the way, one of the BRICS countries, India, reported an explosive GDP growth rate of 5.3%, during the same time period, and keep in mind that’s a decline from the previous year!

What Economic Recovery? Toyota cash hoarding by selling bonds. Preparation for coming World economic collapse!

31 May 2012, Japan’s Toyota Motor Corporation announced a huge bond sell off, to raise lots of cash in case of global economic crash!

Reuters reporting that Toyota wants $2.5 billion USD to buy new equipment, however, NHK (nippon housou kyoukai/Japan Broadcasting Corporation) is reporting that Toyota needs “…to increase its cash on hand in case of contingencies stemming from the European credit crisis.”

Toyota already has $62 billion USD in cash on hand, so that doesn’t explain Reuter’s report saying they need the $2.5 billion for new equipment.   The last time Toyota sold bonds was in 2009, in response to the global credit crisis triggered by the collapse of Lehman Brothers!

What Economic Recovery? Idaho’s Coldwater Creek loses money again! Executives oblivious? Stocks worth less than $1.00

Idaho’s Coldwater Creek women’s clothing retailer just posted their 1st quarter 2012 results.

For the 1st quarter, which ended April 28, the struggling apparel company reported a loss of $23.8 million USD.  But that was less than company execs thought they were going to lose!

Chairman and Chief Executive, Dennis Pence, actually takes the news as a good sign: “Customers responded favorably to our spring and early summer collections, which offered an increased emphasis on color, print, and pattern.”

The problem with that train of thought is that Coldwater Creek lost money for the same reason as always, their sales are down!  Pence calls that “responding favorably”?

The news caused Coldwater Creek stock prices to drop to 84 cents per share before the closing bell on 30 May.  But, it’s dropped to 74 cents in after hours trading!

 

What Economic Recovery? Problems, and hopes, for east Idaho’s Eagle Rock owner; Areva

Back in March, Areva announced a $3.2 billion USD loss, which is what it would cost to build the planned Eagle Rock Enrichment Facility near Idaho Falls, Idaho.

Now Areva, based in France, is struggling to raise cash just to survive.  But there is also some hopeful news for Areva.

29 May 2012, Areva announced “outstanding” performance results from their Steam Generator Repair Services crew.  They just finished work on the Indiana Michigan Power Donald C. Cook nuke plant:  “Constant monitoring and good peer checking by our team were the key factors that contributed to zero safety incidents and very low dose [radiation exposure].”-Mike Jefferson, Field Operations Manager

 

 

29 May 2012, Finnish media reporting that Areva is five years behind scheduled, for completion of Finland’s third generation nuclear power plant.  Areva officials blame it on the fact that no nuclear plant has been built in Europe for 20 years, resulting in troubles finding reliable supply chains for proper construction materials.

28 May 2012, The Canadian Environmental Assessment Agency started taking final public comments on the possibility of Areva operating a uranium mine located 700 kilometres north of Prince Albert, Saskatchewan.

15 May 2012, Areva announced that it will partner with Japan’s Mitsubishi to search for uranium in Australia.

2 May 2012, Areva announced it was selling its nuclear radiation measurement unit in Australia, to raise needed cash.  CEO, Luc Oursel, says the company needs to raise at least 1.2 billion euros by the end of 2013, to make up for huge loses!  He plans on doing that by selling off Areva assets.

At the end of April 2012, the country of Jordan announced that Areva and Mitsubishi were being considered to build the country’s first nuclear reactor.

 

 

 

What Economic Recovery? Despite defending Obama’s NATO meeting, Chicago can’t pay its cops!

“First, the City took the unusual position that Officers could not request to be credited with compensatory time for any overtime that they worked during the NATO Summit knowing that this was a clear violation of our contract. Now, after our Mayor, Superintendent, and the citizens of Chicago have heaped praise upon Chicago Police Officers for their excellent work at the NATO Summit, the City has taken the position that Officers are not entitled to compensation for working a sixth or seventh consecutive day during a single calendar week.”-Fraternal Order of Police (FOP) Chicago Lodge 7

“NATO is not an excuse for the city of Chicago to circumvent the contract. It clearly states that officers working overtime are to be paid in either time or money…..This is just another example of the city not honoring the contract.”-Mike Shields, FOP president

Some Chicago cops are starting to realize that those elites they defend are about to screw them over, welcome to the club!

What Economic Recovery? 45,000 U.S. Postal workers to be forced out

25 May 2012, the U.S. Postal Service is offering buyouts to 45,000 part time mail handlers.

It’s part of the USPS’s plans to layoff 150,000 employees by 2015.  Postal officials had no comment about how they were going to do that.

You can blame the U.S. Congress for forcing the Postal Service to over pay into government retirement and health plans, even though the USPS does not get any tax dollars!!!

The money for the U.S. Postal Service comes directly from sales of postage and mail services!

Government Incompetence: U.S. Courts allow Japanese banks to do buisiness with Iran

On 17 May 2012, the Bank of Tokyo-Mitsubishi UFJ filed a suit against the U.S. government’s sanctions on Iran.

25 May 2012, the Bank of Tokyo-Mitsubishi UFJ said they’ve officially restarted transactions with Iran, after a U.S. court decided in their favor.

The whole thing was because of a U.S. federal judge deciding that Iran was responsible for the 1983 bombing of the USMC barracks in Beirut, after the U.S. invaded Lebanon.  Their is little evidence to back up such a claim. And by the way, shouldn’t the invader (the United States) by held responsible?

Attorney’s for Bank of Tokyo-Mitsubishi UFJ argued that the U.S. court ruling is not valid under Japanese law.

It’s estimated that the Bank of Tokyo-Mitsubishi UFJ handles 70-80% of Japan’s transactions with Iran.

Global Economic War: Japan & China drop the U.S. dollar, will use their own money for international transactions! Britain wants in on the deal!

26 May 2012, Japan and China could begin using their own money for international transactions as early as June.

The two countries have been working on a plan to conduct business with each other using the yen and the yuan, and avoiding international banks requiring the U.S. dollar.

Japan’s Kyodo News said Japan and China need to use their own money in order to reduce risks associated with exchange rate fluctuations in the U.S. dollar.

Japan’s NHK is also reporting that United Kingdom and Singapore want similar deals with China. This is an acceleration of the Chinese yuan as the new international currency, replacing the U.S. dollar!