Tag Archives: economy

Business/Economics, International, U.S.

Not everyone in China is doing well economically, restaurants forced to use ‘gutter’ oil for cooking, blame inflation

At least 32 people are on trial in China, for collecting used cooking oil from street gutters, then selling it back to restaurants.

A company that was supposed to be creating biodiesel from used oil, instead found it cheaper to simply strain the used cooking oil and sell it back to restaurants.

Also, according to local police, the company was using a “white substance” to remove the nasty smell from the used cooking oil.  Some local media speculate that it causes cancer.

China’s fast booming economy is causing rapid inflation, many individuals, and mom & pop businesses can’t keep up.  Buying recycled cooking oil is a cheap alternative.  One report said the price of new cooking oil in China is about 10,000 yuan, or $1,560 a ton, while ‘gutter’ oil sells for around 8,000 yuan to 9,000 yuan.

This is not the first scandal relating to food safety in China.  Scandals have included melamine tainted infant formula, and pork tainted with the chemical clenbuterol.   Melamine gives false increased protein levels in dairy products.  Clenbuterol helps make meat leaner.  The Chinese government says both can be harmful to humans.

Here in the United States the FDA has approved the use of clenbuterol in animals, but not in humans.  However, the FDA is out on melamine.  Their latest studies showed that melamine was dangerous only when combined with other chemicals.  One study showed cats had kidney failure after eating 32 parts per million of cyanuric acid and 32 parts per million of melamine.

 

Business/Economics, International, U.S.

What Economic Recovery? China says you created the economic problem, you fix it!

“Countries must first put their own houses in order. Developed countries must draw up responsible fiscal and monetary policies.”-Wen Jiabao, Prime Minister of China

Despite China becoming the biggest foreign investor in the United States, they say future investments depends on how the U.S. handles economic recovery.  The same goes for Europe: “European countries are facing sovereign debt problems and we’ve expressed our willingness to give a helping hand many times. We will continue to expand our investment there…Europe and the U.S. must adopt responsible and effective fiscal and monetary policies in a bid to reduce debt pressures.”-Wen Jiabao, Prime Minister of China

Analysts from Citigroup agreed: “What he is basically saying is China wants to help, they want to invest, but we can’t help you take the proper measures to control the debt crisis, you’ve got to do that on your own.”-William Rhodes

Another analysts says the EU and U.S. must stop paying for debt with debt: “Politicians have been paying their budget deficits by selling bonds, in other words mortgaging, or charging the future. Sooner or later that catches up with you, and 2011 is the year that the debt finally catches up with several European countries like Greece and Italy. So they have got to put their houses in order. They have to spend what they have, but not spend more than they have.”-Francis Lun, Lyncean Holdings

Business/Economics, U.S.

What Economic Recovery? Bank of America increases Home Foreclosures by 200%

Despite their promise to cut back on home foreclosures, Bank of America boosted foreclosures by 200% in August!

CNBC reported that other banks will follow suit.  California and Nevada are being hit the hardest.

RealtyTrac confirms the huge jump in foreclosures in August.  One analysts says don’t necessarily blame the home buyer: “This proves once again that ‘credit’ as measured by legal defaults and foreclosures is not necessarily about borrowers missing payments, rather about what the servicers [banks] chose to do about it.”-Mark Hanson, housing analyst

Business/Economics, U.S.

What Economic Recovery? Idaho Tax collections miss mark, again

Idaho is two months into its fiscal year and already sales and income tax revenues are $10 million LESS than expected.

The Idaho State Tax Commission says total collections, so far, are $403 million.

Individual income tax collections for August were $91.4 million, about $3.9 million less than expected.

Sales tax receipts for August came in at $86.8 million, $6.8 million less than expected.

July did a little better, but was still less than expected.  Other tax revenues also did well, coming close to expectations.  However, lower sales & income tax revenues means that people still aren’t spending enough money, ’cause they’re not making enough money. Obviously its a sign that for the average Joe & Jone in Idaho, the economy still sucks.

Business/Economics, U.S.

What Economic Recovery? United States “collapsing” says former U.S. Treasury Secretary

Former U.S. Treasury Secretary, Lawrence Summers, says the United States is “collapsing”.  Summers has written an opinion piece for Newsweek magazine.

He basically says none of the proposed job/stimulus plans offered by the President, or Congress, are enough to save the U.S. because they are short term: “For years we will have an economy with plenty of slack, low borrowing costs, and high unemployment. The specter of a double dip will hover over us if government does not do its part in pushing the economy forward—not just this year, but for years to come.”

Lawrence Henry Summers served as the 71st U.S. Treasury Secretary from 1999 to 2001 under President Bill Clinton.  He also directed the U.S. National Economic Council for President Barack Obama until November 2010.

Business/Economics, U.S.

Global Economic Class War: U.S. workers finally fighting back, riots in Washington state, mainstream media ignores it

“This was an organized, large-scale criminal event. We’re talking about sabotage. We’re talking about riotous behavior.”-Mark Nelson, Cowlitz County Sheriff

September 7 and 8, there was a major union protest that shut down ports in Washington state.  Did you see it?  Only now are some national U.S. media reporting it, but only local TV stations show you what really happened!

According to The Daily News, hundreds of longshoreman stormed the Port of Longview where they dumped shipments of grain and damaged guard shacks.  They also crashed a security vehicle, and sabotaged rail cars by cutting the brake lines.  Local Longview Police Chief Jim Duscha, estimates 400 people were involved.

One protestor carrying a baseball bat, allegedly threatened the police by saying:  “Today is the day law enforcement gets theirs!”

The Daily News article makes it clear that the local law enforcement doesn’t give a crap about the escalating plight of the average worker in the United States, all they cared about was: “I was always assured that things would not get violent towards our police officers.”-Mark Nelson, Cowlitz County Sheriff

The union is protesting the Port of Longview because their members have been barred from getting jobs there (so much for economic recovery).  Ports in Seattle, Tacoma and Everett, Washington were also shut down when union workers walked off.

The U.S. media is totally ignoring this.  Here’s how The Los Angeles Times reported it: “Hundreds of angry longshoremen walked off the job at ports in the Pacific Northwest on Thursday”. There was no explanation as to why the ‘walkout’ happened.

Watch the KGW Portland, Oregon, TV station report. Some bloggers say the KGW report is watered down.

 

 

Business/Economics, International, U.S.

What Economic Recovery? MLK jr memorial statue made in China, due to lack of funds

There’s been a lot of praise by the main stream U.S. media for the Martin Luther King Jr memorial, but they don’t mention that the statue was outsourced to China due to lack of funds.

According to Wikipedia, the memorial needed $120 million for construction.  Only $108 million was raised, and that included taxpayer money from the Federal government.  This is the reason the memorial contractor outsourced the making of the statue to China.

Not even the stone came from the United States, it’s Chinese pink granite.  Just another sign of the times!

Business/Economics, U.S.

What Economic Recovery? Number of uninsured drivers accelerating

According to the National Association of Insurance Commissioners, the number of people driving without insurance has hit one in seven.

Some insurance analysts blame the bad economy, and skyrocketing insurance costs: “Laws in most states have proven ineffective in reducing the numbers of drivers who are uninsured. Some drivers can’t afford insurance, and some drivers with surcharges for accidents or serious traffic violations don’t want to pay the high premiums that result from a poor driving record. It is costly to track down violators of compulsory insurance laws, and unless the odds of getting caught are high and the penalties severe, drivers will continue to flout the law.”-Loretta Worters, Insurance Information Institute

The percent of uninsured drivers varies from 4% in states like Maine, to 28% in Mississippi.

Business/Economics, International

Global Economic Class War: Greek government to screw over citizens, again

Greek Finance Minister Evangelos Venizelos announced, on September 11, that a new property tax will be in place over the next two years.

The new property tax is supposed to make up for 2.6 billion dollars in lost tax revenues.  Funny how politicians think that the answer to people not being able to pay taxes, because their incomes are down, is to increase or create new taxes!

To try and placate the Greek masses, the government said politicians will give up one month of pay, big whoop!

Business/Economics, International

Global Economic War: VW says Suzuki broke contract, issues warning

September 11, VolksWagen claims Suzuki violated its contract by agreeing to purchase diesel engines from another car maker.

The two companies joined-up in December 2009, but their alliance stalled in July 2011 when Suzuki said VW does not see their partnership as equal.

VW says it will give Suzuki several weeks to return to buying diesel engines from Germany.