Category Archives: Economy and Debt

May 15, 2017

Swedish Finance Minister Admits ‘Big Problems’ with Economy After Migrant Influx

Finance Minister Magdalena Andersson has admitted Sweden has “major problems” as a result of the population growth brought on by mass immigration.

Earlier this week, the Swedish Association of Local Authorities and Regions (SKL) admitted, by 2020, municipalities face a funding deficit of 40 billion Swedish Krona (£3.5 billion) to finance services like hospitals and nursing homes.

“Demographic trends show that, with more children and more elderly people, the need for local government services is expected to grow significantly faster than the tax base,” says Annika Wallenskog, chief economist at SKL.

Andersson told Swedish Television News (SVT) that “it is quite obvious that we have big problems” as a result of the demographic changes aggravated by mass migration.

The Socialist minister stressed the country must hire more staff and build more facilities, and said politicians cannot afford to promise any tax cuts.

Sweden’s National Audit Office announced in November that it believes the government “underestimates public spending”.

In a piece published by Dagens Nyheter, the office remarked: “”If the government’s forecasts are realised, Sweden will be required to make significant reductions to welfare, and municipalities significant cuts by 2020.

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May 2, 2017

California Squashes Its Young

The Golden State’s suffocating economic policies are driving out a new generation.

In this era of anti-Trump resistance, many progressives see California as a model of enlightenment. The Golden State’s post-2010 recovery has won plaudits in the progressive press from the New York Times’s Paul Krugman, among others. Yet if one looks at the effects of the state’s policies on key Democratic constituencies— millennials, minorities, and the poor—the picture is dismal. A recent United Way study found that close to one-third of state residents can barely pay their bills, largely due to housing costs. When adjusted for these costs, California leads all states—even historically poor Mississippi—in the percentage of its people living in poverty.

California is home to 77 of the country’s 297 most “economically challenged” cities, based on poverty and unemployment levels. The population of these cities totals more than 12 million. In his new book on the nation’s urban crisis, author Richard Florida ranks three California metropolitan areas—Los Angeles, San Francisco, and San Diego— among the five most unequal in the nation. California, with housing prices 230 percent above the national average, is home to many of the nation’s most unaffordable urban areas, including not only the predictably expensive large metros but also smaller cities such as Santa Cruz, Santa Barbara, and San Luis Obispo. Unsurprisingly, the state’s middle class is disappearing the fastest of any state.

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April 30, 2017

US has regressed to developing nation status, MIT economist warns

Peter Temin says 80 per cent of the population is burdened with debt and anxious about job security.

America is regressing to have the economic and political structure of a developing nation, an MIT economist has warned.

Peter Temin says the world’s’ largest economy has roads and bridges that look more like those in Thailand and Venezuela than those in parts of Europe.

In his new book, “The Vanishing Middle Class”, reviewed by the Institute for New Economic Thinking, Mr Temin says the fracture of US society is leading the middle class to disappear.

The economist describes a two-track economy with on the one hand 20 per cent of the population that is educated and enjoys good jobs and supportive social networks.

On the other hand, the remaining 80 per cent, he said, are part of the US’ low-wage sector, where the world of possibility has shrunk and people are burdened with debts and anxious about job security.

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March 28, 2017

Venezuelans Using ‘Rare Pepes’ and Bitcoin As Currency

Internet users in Venezuela have finally quantified what it truly means to have a rare Pepe, buying and selling Pepe-themed, bitcoin-linked trading cards as a way to escape the economic control of their socialist government.

The idea of images of the popular green frog being “rare” started off as a joke on 4chan, where users would claim that their images of Pepe were rarer and more valuable than everyone else’s. It escalated into people selling their collections of Pepe on eBay, with bids reaching up to almost $100,000 before eBay took it down.

There were never any serious transactions however, with everyone involved enjoying the ironic humour of the situation. More recently, a group of redditors have been “trading” memes of any shape and size on /r/MemeEconomy, attempting to create a stock market in meme popularity. But, it turns out that rare Pepe collecting online is now a serious business.

Sometime last year, an unknown individual began issuing “official” rare Pepe trading cards using the Counterparty platform to link them to bitcoin, in an attempt to poke fun at another online trading game called Spells of Genesis. Today, these cards can be exchanged for the equivalent of thousands of US dollars on Counterparty’s decentralised exchange.

This is due to a creation of artificial scarcity in the cards (as one would expect trading cards to have). Anyone can issue their own rare Pepes, but these are then verified by the official Rare Pepe Foundation, and linked to a certain piece of the bitcoin chain via a practice known as coin colouring. Whomsoever owns that particular bitcoin key address owns the Pepe associated with it. All verified rare Pepes can be viewed in a complete directory of them.

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March 27, 2017

Spain’s EU exit on horizon as ‘only a miracle’ can save nation from debt bubble BURSTING (Video)

Spanish university professors and economists are calling on Prime Minister Mariano Rajoy to come clean over its debt burdens as calls for the country to leave the European Union (EU) grow.

And they say it is absolutely essential that the People’s Party-led government immediately produce accurate figures over the country’s GDP as debt burdens weigh on hardworking families.

The average Spanish family is crippled with £118,000 (€136,000) in debt brought on by years of mismanagement, it has been warned.

But leading economist Robert Centeno says the unstable administration led by Rajoy which has been in gridlock since the controversial election in 2015 is not being honest about Spain’s current economic conditions.

And there are growing calls for him to disclose figures amid serious concerns Spain could be set to default on loans which cannot conceivably be paid off for half a century.

Mr Centeno said: “People don’t really know what type of menace the national debt is for their lives.

“The mass media in Spain simply certify the ‘official’ figures that the government gives.

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January 26, 2017

Ron Paul Says Trump Is Trying To Stop Global Collapse (Video)

Alex Jones talks with Ron Paul about how he feels about Donald Trump and what he’s accomplished so far as President of the United States.

December 10, 2016

Consumers, businesses, and CEOs are all loving life since Trump’s election — and that’s great news for the economy

“Bottom line: most business activity surveys point to greater confidence following the election,” concluded Meyer.

Americans from all corners of the economy seem to be enjoying the conditions a lot more since the election of Donald Trump.

Nearly every measure of consumer, business, or executive confidence has gained in the month since the election according to Michelle Meyer, chief US economist at Bank of America Merrill Lynch.

“The data clearly show that consumers, investors, and business CEOs have all become more optimistic since the election,” wrote Meyer in a note to clients on Thursday.

Everything from regional manufacturing indexes to consumer confidence surveys to investor sentiment have ticked up since November 8. The only survey that has slid is the ISM-adjusted Empire Manufacturing survey that measures confidence of New York state manufacturers.

“Bottom line: most business activity surveys point to greater confidence following the election,” concluded Meyer.

The biggest confidence boost has come from consumers according to Meyer, with both the Conference Board and Investor’s Business Daily (IBD) & TechnoMetrica Market Intelligence (TIPP) indexes hitting post-recession highs.

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September 9, 2016

Blasting “False Economy,” Trump Takes on the Federal Reserve

Trump’s comments on the stock market, while almost totally overlooked by the establishment media, were also right on the money. As The New American reported two years ago, the stock market is now dominated by governments and central banks, which in 2014 had some $30 trillion invested in equities and other assets. That may prop up prices temporarily, but the huge and growing economic distortions will bring massive pain in the months and years ahead as they inevitably blow up.

Taking aim at the Federal Reserve’s politically motivated manipulation of the U.S. economy, GOP presidential candidate Donald Trump blasted the controversial central bank’s artificially low interest rates. He also denounced the “very false economy” propped up by Fed monetary gimmicks. Democrat nominee Hillary Clinton, though, hit back immediately, saying Trump should not malign or even comment on the increasingly unpopular institution that controls America’s monetary system.

Trump’s comments, which sparked national headlines, came earlier this week at an Ohio campaign stop in response to a question from a reporter about possible interest rate hikes by the Fed later this month. “They’re keeping the rates down so that everything else doesn’t go down,” Trump explained, touching on one of the establishment’s big secrets. “We have a very false economy.”

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August 14, 2016

Obama economy rips doors off ‘world’s largest store’

More than 11,000 retail outlets shuttered across U.S. since start of 2015.

Only two months ago, WND reported Macy’s stock had plunged precipitously after it summarily dropped its business connections to now-Republican presidential nominee Donald Trump when he announced his bid for the White House.

Now Macy’s is announcing the closure of another 100 stores, a move that, according to a retail industry website, pushes the total number of stores closed by retailers in the United States since the beginning of 2015 – a period for which President Obama boasts of a rising economy – to more than 11,000.

The economy, in fact, has been horrible under Obama. A report just this week in the Weekly Standard said: “In truth, the economy under President Barack Obama has been historically bad. How bad? Adjusted for inflation, average yearly GDP growth under President Obama has been less than half of what it was under President Jimmy Carter, 1.5 percent to 3.3 percent.”

The next-worst results came under President Truman after World War II, at 1.7 percent, Both Presidents Bush were in the 2-plus percent range, and President Reagan was at 3.5 percent.

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August 9, 2016

Full Speech: Donald Trump Delivers Remarks on the Economy in Detroit, MI 8/8/16 (Video)

Donald J. Trump delivered remarks on the economy at the Cobo Center in Detroit, MI.