Tag Archives: unemployment

Business/Economics, International, Technology, U.S.

Oil & Gas Prices: New oil spill in Gulf of Mexico. Oil market bubble bursting? Blame War for your high prices! U.S. backed Oil War continues in Sudan. India #1 buyer of Iranian oil

“The U.S. Coast Guard is conducting an over flight assessment for a report of a rainbow sheen approximately one mile by 10 miles spotted near the Mississippi Canyon block 807 in the Gulf of Mexico……trying to identify the responsible party.”-Petty Officer Bill Colclough, U.S. Coast Guard

April 12, 2012, the USCG is investigating a report, by Royal Dutch Shell, of an oil spill located between two Shell off shore platforms, near the U.S. state of Louisiana.

Shell says it is not coming from its Mars and Ursa rigs.  It could be natural seepage.

The International Energy Agency says international oil stockpiles are so high, and demand is so low, that it expects oil prices to continue to drop.

Isn’t it funny how not even a  year ago the oil industry “experts” kept telling us that demand was still high, and that we could expect $150 per barrel, or more?

“Easing first quarter 2012 fundamentals have seen prices recently lose most of the $5 per barrel they gained in March. The muted impact so far is partly because much of this extra supply has been stockpiled on land or at sea.”-IEA statement

But don’t expect lower gas prices, as the Organization of Petroleum Exporting Countries said, the Northern Hemisphere summer driving season is always used as an excuse to raise prices: “U.S. oil demand remains a key uncertainty to the existing demand assessment. The upcoming driving season might be affected by high retail gasoline prices and the pace of the economic recovery.”-OPEC statement

The International Energy Agency says consumers can blame the high fuel prices on wars and rumors of wars: “We cannot discount the possibility that prices will remain high so long as geopolitical uncertainties remain.”-IEA statement

Sudan launched an offensive to re-take the largest oil field from South Sudan: “Within the next 72 hours, we shall have pushed all of their troops out of our territories.”-Rabie Abdelaty, Sudanese spokesman

The Heglig field produces about 60,000 barrels per day.  Last week U.S. supported South Sudan captured the Heglig.

India has just surpassed China, as Iran’s number one oil buyer.  In the first quarter of 2012 India imported 433,000 barrels per day from Iran.  China’s import rate for Iranian oil was only 256,000 bpd.  That’s according to  Petrologistics.

It could be that China had made a huge oil deal with Russia, but now Russian courts could threaten that deal.

Russian prosecutors are investigating the 30 year deal, over a discount giving to China.  That discount results in a reduction in profits, over the 30 years, of $3 billion USD.  Many Russians are not happy about that.

China imports 300,000 bpd from Russia’s Eastern Siberian oil fields.

 

 

 

 

Business/Economics, International, Technology, U.S.

Oil & Gas Prices: Iran can stop all oil sales for three years, without harm to its economy

“Some people think that they can trouble Iran through oil sanctions but I should say that we have so much reserves that even if we don’t sell oil for two to three years, the country will be administered easily.”-Mahmoud Ahmadinejad, President of Iran, April 10, 2012

Business/Economics, International, Technology, U.S.

World War 3: Iran stops oil shipments to Germany, Iran imposes sanctions on 100 European companies

April 11, 2012, Iran follows through on threat to cut off oil to Germany, now Italy is next.

Iran also announced sanctions against 100 European Union companies.  Sasan Khodaei, Deputy President of Iran Trade Promotion Organization, said the companies will no longer be able to sell products to Iran.

One reason for the sanctions is that Iran is now able to make the products for themselves.

 

Business/Economics, International, Technology, U.S.

No Longer Made in the U.S.A.? Former Ohio company now owned by China

Hydraulic Press Manufacturing (HPM) was a 135 year old Ohio plastics company, but it went bust in 2009.

However, you can still buy products with the HPM brand, but it’s not a U.S. company anymore.

In 2011 a Chinese company called Guangdong Yizumi Precision Machinery, bought all the rights to HPM and all its products.   Production has been started in southern China.

The Chinese company says they’ve even hired former U.S. employees of HPM.  They are setting up shop in the United States and already have contracts in north America worth $3 million USD.

 

Business/Economics, International

Class Warfare & Privatization: Greek police now operate on rental bases

“…with the decision of Ministers of Protection and Finance, the Greek police is available for hire by private clientele. However, this means if the Greek police is hired by those who can afford it, there are no available forces for those who cannot.”-Proto Thema, Greek news media outlet

The Greek news media outlet Proto Thema reporting that Greek cops will now be rented out.

Greek officials claim this is the only way they can continue to fund law enforcement.

The cost: About $39 USD per hour for one cop, additional $13 if you need a cop car.

Police patrol boat $261 per hour.

Police helicopter $1,960 per hour.

As you can see, only the elites can afford police protection now, and the “people” are still being forced to pay taxes for such “police protection” that they now won’t get!

Greek officials say they have to go with the rent-a-cop plan because crime has skyrocketed, no shit Sherlock, youth unemployment in Greece is at 50%!

Business/Economics, International, U.S.

Trilateral Commission Plan in Motion: Japan to join U.S. & U.K. in creating joint military force! Preperations for Total World War?

“We have decided to identify a range of appropriate defense equipment for joint development and production….which contributes to both countries’ security and presents industrial opportunities.”-Japan-U.K. joint statement

Back on March 14, 2012, U.S. President Barack Obama stated, at a White House press conference with British Prime Minister David Cameron, that the U.S. and U.K. would be uniting their militaries, and military industries.  I watched the conference live and not one reporter questioned him on that.  Now Japan has announced they want to join in!

April 10, 2012, Japan’s Prime Minister Yoshihiko Noda, and British Prime Minister David Cameron, have agreed to study the possibility of Japan becoming a partner in joint defense and military research.

Japan has already been working on revising their constitution so their military industries can begin selling weapons to other countries.

This joint military talk comes as Obama issued an executive order, very quietly on March 16, that paves the way for Total War.  The main stream media never reported it.

 

Business/Economics, International, Technology, U.S.

What Economic Recovery? Sony posts record loss, Sharp says they’re about to follow suit, blames the United States for lack of economic recovery

April 10, 2012, Sony announced the biggest loss in its history!

Sony says it lost about $6.4 billion USD for their quarter ending in March!  That’s $4 billion more than they first estimated back in February.

Sony officials blame the monster loss on huge declines in sales in the United States!

Another Japanese company, Sharp, says it will post record loses as well.

Sharp says loses could be as high as $4.6 billion USD, much higher than first thought back in February!

They also blame lack of economic recovery, saying their TV sales have crashed!

Sharp is now forced to sell controlling stake in its liquid crystal panel factory to a Taiwan company, Hon Hai Precision Industry.

 

 

 

Business/Economics, U.S.

False Capitalism & Class Warfare: While social programs are slashed & burned, Corporate America makes billions off taxes! Where are the jobs you elitist A-Holes?

Ever wonder how Corporate America can make money when we Consumers are spending less because most of us have less income?  It’s called “tax loopholes”, or “backdoor subsidies”, or “corporate welfare”!

Citizens for Tax Justice, and the Institute on Taxation and Economic Policy, just updated their recent study on how too big to fail Corporate America is making money off the U.S. tax system.

The study, first published in November 2011, showed that so called Corporate America was actually getting paid by the U.S. tax system due to loopholes.

From 2008 through 2010, 30 of the top U.S. corporations actually had negative tax rates, even though the same 30 companies had total pre-tax profits in the hundreds of billions of dollars!  All together they had a -7.1% tax rate, but Pepsi led the pack with a -57.6% tax rate, and General Electric took second with -45.3%!

For 2011 the number of corporations with negative tax rates dropped to 26.   Pepsi and GE still led the pack with negative tax rates.

Basically what Corporate America is getting is a type of backdoor government subsidy, something right wing neo-conservative Capitalists have always said shouldn’t be done in a true capitalist system.

The study showed that from 2008 through 2011 the 30 companies have received more than $78 billion in total tax subsidies!

Here’s a list of some of the big subsidy recipients: “Wells Fargo alone garnered $21.6 billion in tax subsidies over the four years, followed by General Electric ($10.6 billion), Verizon ($7.7 billion), and Boeing ($6.0 billion).”–Big No-Tax Corps Just Keep on Dodging

Now realize that all this free tax money to Corporate America has not resulted in the creation of the millions of new jobs that are needed to create an economic recovery!

Wake up people!!!  “Accordingly, they [elitist individuals & corporations] ink multi-billion dollar agreements and loot the energy, oil, wealth and existence of the nations, whereas they are the major cause of insecurity themselves!”-Mahmoud Ahmadinejad, President of Iran, April 10, 2012

 

 

 

Business/Economics, U.S.

Corporate Evil: More proof the Too Big to Fail Banks mortgage forclosures are intentional, Bank president pleads guilty in court

April 9, 2012, Gerard Canino, president of New York’s First Class Equities, pled guilty to $66 million USD mortgage fraud scheme.

“As the president and owner of First Class Equities, Gerard Canino should have promoted responsible home ownership and protected the integrity of the mortgage finance industry. Instead, he used his firm to commit a massive mortgage fraud scheme that left scores of foreclosed properties in its wake.”-Preet Bharara, U.S. Attorney  

Canino and his firm recruited “straw buyers”; people who posed as home buyers to purchase distressed properties but who had no intention of paying the mortgages.  The bank loans meant for buying the properties actually went to Canino and his co-conspirators. Court papers said the Long Island based firm ran the fraud from 2004 to 2009.

If you think about it, $66 million is a drop in the big bucket of home foreclosures. 

Business/Economics, Idaho, U.S.

What Economic Recovery? Department of Labor to end long term unemployment help, even though job creation is slacking, Merry early Xmas!

“It’s a hard cut off, there is no phase out. Nobody gets squat after December 31!”-Bob Fick, U.S. Department of Labor

The U.S. government is ending long term unemployment help (stop calling it “benefits” main stream U.S. media!!!).  Emergency unemployment compensation is being reduced from 53 weeks, to just 13.  Another program known as extended benefits is being ended altogether.

As a result, in the state of Idaho overall maximum unemployment help will drop from 99 weeks to 39!

The official U.S. unemployment rate is at 8.2%, Idaho’s official unemployment rate is around 8%. But that doesn’t mean companies are hiring enough people.

April 9, 2012, U.S. stock markets dropped because of news that hiring is not what everyone thought it was. The U.S. Department of Labor announced that 120,000 jobs were created in March.  That’s 80,000 less than expected!

Many “experts” were sure it would be more than 200,000!   In fact many of those “experts” now think the job gains of the previous three months were temporary, and more losses are to come: “We’re thinking that the economic data is going to lose some momentum from here going forward.”-Bob Baur, Principal Global Investors

Even Federal Reserve chairman Ben Bernanke said the recent drop in official unemployment numbers was “out of sync”.

Teenagers continue to get hit hard with lack of jobs.  The official rate of unemployment for them is 25%!  The highest rate since last year, and getting close to the all time record of 25.5% in 2009 (the highest since 1948)!

Here’s a fact: There are 5.1 million less U.S. jobs now, than in December 2007! The U.S. economy needed to create at least 4.7 million new jobs since then, in order to “recover”, and it has not!

Here’s another interesting fact about the official unemployment numbers game:  New York City is considered to have made a faster “recovery” than the rest of the country, yet their unemployment numbers have gone up!  They’re now around 9.6% unemployment, close to the 10% they hit in 2009.

This is just an example of how you can’t trust the “official” numbers.  Remember, the official unemployment rate does not count people who have been unemployed for so long they no longer qualify for unemployment assistance. Also, the Department of Labor issues at least six different “unemployment numbers”.

U-3 is the one the main stream U.S. media runs with.  It’s the one giving us the 8.2% rate for March.  The Department of Labor calls it the “official unemployment rate”.

But there is also U-6, and it says the unemployment rate is 14.5%!  It’s also known as the “under-employed”, which means people who are working part time but want full time work.  The Department of Labor said there were 7.7 million under-employed people in March 2012.

U-1 is also the “employment to population rate”, which looks at how many people have jobs, and it says 58.5% of the people have jobs.

Then there’s U-4 and U-5 (aka “long term unemployment” or “discouraged workers”) numbers which tries to count people who’ve been out of work for more than six months. It’s now at 5.3 million long term unemployed.

There’s also U-2 which tries to count people who just lost their jobs.

It’s confusing, especially when you get to the “discouraged” calculations.  Examples: U-4 is U-3 + “discouraged workers”.  U-5 is U-4 + “marginally attached workers”.  U-6 is U-5 + “part time workers who want full time work”.

The bottom line is that there are millions of people in the United States still without jobs, or without good paying jobs, and that is a sign that there is no economic recovery.